Hangzhou Digital Trade Fair: Digital Technology Reshapes the Global Trade Landscape

Hangzhou Digital Trade Fair: Digital Technology Reshapes the Global Trade LandscapeThe third Global Digital Trade Expo took place in Hangzhou, Zhejiang from September 25th to 29th, attracting over 1,500 exhibitors from around the world, including over 300 international companies. Over 30,000 professional buyers registered to attend, eager to explore technology trends, seek partnerships, and foster technological innovation and application

Hangzhou Digital Trade Fair: Digital Technology Reshapes the Global Trade Landscape

The third Global Digital Trade Expo took place in Hangzhou, Zhejiang from September 25th to 29th, attracting over 1,500 exhibitors from around the world, including over 300 international companies. Over 30,000 professional buyers registered to attend, eager to explore technology trends, seek partnerships, and foster technological innovation and application. This year's expo showcased an array of cutting-edge digital technologies, services, and products, such as the "Liangzhu Constellation" space computing system, the AI market research consulting tool InMinTe LEAP, and the game "Black Myth: Wukong," reflecting the burgeoning global digital trade landscape.

Digital Technology Revamps Critical International Trade Processes

Ao Li, Chief Engineer of the China Academy of Information and Communications Technology under the Ministry of Industry and Information Technology, believes that digital technology has profoundly affected trade objects, models, and patterns. The entire trade process and supply chain are rapidly undergoing digital transformation. The "Third Global Digital Trade Expo Digital Trade Development Cooperation Case Collection" released at the expo features 36 case studies, including the deep involvement of Yiwu Hua Ye International Freight Forwarding Co., Ltd. in the African market and Ant Group's "Wanlihui" innovative product solutions assisting businesses in expanding overseas.

Chen Jin, Head of China B2B Business at Ant Group's Wanlihui, explained that Wanlihui supports over 130 cross-border e-commerce platforms and payment gateways worldwide, enabling merchants to open global multi-currency accounts in over 200 countries and regions, with account opening taking as little as one minute. Wanlihui leverages AI-powered risk control, preventing the unnecessary freezing of cross-border trade funds or bank cards. Its real-time AI-driven review rate surpasses 90%, accelerating account crediting by 200% and enabling 24/7 online reviews.

The "Global Digital Trade Development Report 2024" reveals that artificial intelligence is accelerating its integration into international trade chains, lowering the barriers to entry for small and medium-sized enterprises across the globe. AI is widely applied in predictive analytics, process optimization, and cross-national supply chain risk audits within digital trade, making it one of the most sought-after technologies in the field. Additionally, blockchain enhances supply chain transparency, while autonomous vehicles and robotics find applications in infrastructure maintenance, warehouse monitoring, and other areas. Digital technology is revolutionizing key aspects of international trade, including supply chain management and trade finance.

Securing Efficient Data Element Flow

This year's expo dedicated a specific section to data and finance, highlighting data element authentication, circulation, and transactions, showcasing new digital technology-driven financial service innovations and upgrades. Hangzhou High-tech Zone (Binjiang) presented its "Three Numbers and One Chain" data trusted circulation infrastructure framework and governance system, comprising four elements: a data trading platform, a data network, data invoices, and a blockchain cross-chain recognition mechanism.

Ao Li emphasized that technological innovation has expanded the range of tradable goods, with data-based elements and services becoming prominent trading objects in the commercial landscape. Protecting the rights of all parties involved in data circulation requires technological solutions. For instance, the "e" lock intelligent network port protection device developed by the State Grid Hangzhou Power Supply Company team won a Silver Award at the Third Global Digital Trade Expo Pioneer Award (DT Award). This device combines physical locks based on identity authentication, sensor locks integrating multiple data sources, and digital control locks based on active defense principles, creating a comprehensive protection system from the physical layer to the application layer.

Wang Xiaodong, Director of the Development Planning Department of the Public Technology Service Department of the State Information Center, stated that digital trade hinges on efficient data circulation. To advance high-level opening up, greater focus should be placed on key aspects of data circulation, including key areas. By implementing data classification and grading, enabling scenario-based data governance, and significantly enhancing regulatory and circulation efficiency, we can cultivate the capability to manage data through technology.

Conclusion

The Third Global Digital Trade Expo illuminated the profound impact of digital technology on international trade. Digital technology is not only transforming critical trade processes like supply chain management and trade finance but also driving data element circulation, expanding the range of trade objects, and injecting new momentum into global digital trade development. As digital technologies continue to evolve and find wider application, global digital trade is poised for even greater prosperity in the future.