Editor's note: Wang Ying is the vice president of ChinaEU, a non-profit international association, and the executive chairman of the New Economy Association. The article reflects the author's opinions and not necessarily those of CGTN.

China not only needs to inject a steady stream of vigor and vitality into the recovery and development of the world economy, but as a major country, it also bears responsibilities such as shaping international governance rules.

In 2022, global trade is facing the strongest headwind. Under the dual influence of the Russia-Ukraine conflict and the COVID-19 pandemic, global trade and supply chains have been blocked, and economic growth has substantially slowed down. In this context, China's first Global Digital Trade Expo was held on March 23, gathering world leaders in the digital economy, as well as heads of both Chinese and multinational internet giants. 

The attendees shared their experience in the industry and their unique insights into several hot topics related to digital trade, including intelligent warehousing, blockchain, artificial intelligence (AI) and cloud-based services. This expo has reflected China's determination to promote economic globalization towards a more open, inclusive, balanced and winnable direction. It also shows that global multilateral trade cooperation is still the mainstream and even more unstoppable, especially under China's active promotion in digital trade.

According to the statistics of the Expo, 744 exhibitors had applied for this global digital trade expo, including 14 Fortune 500 companies; 425 digital booths and 1,408 digital exhibits have been released, among which 45 companies brought 63 products for their initial public display. We can easily tell from this digital expo that brand owners, especially those overseas, have begun to aim their efforts towards digital consumption. 

They took an active part in the exhibition and activities of "first launch, first show and first exhibition," and shared offline international exhibitions with online consumer groups empowered by a variety of digital technologies through China's online digital platform. The exhibitors hoped to achieve the full chain of digital consumption marketing from brand promotion, product introduction, customer service communication, and personalization to online sales.

In fact, for brands, there are unprecedented opportunities in digital consumption, especially as China has three major advantages in terms of market scale, supply chain and digital infrastructure. According to a recent study by Accenture, Chinese companies with a digital advantage outperformed their peers with a revenue growth rate of 3.7 times that of their peers between 2019 and 2020, rising from 1.4 times a few years ago. China's digital transformation was significantly accelerated in 2021. I found that overseas brands are firmly grasping the opportunities brought by the Digital Expo, with positive expectations and enthusiasm for learning more about the Chinese digital consumer market.

It is worth mentioning that, as one of the highlights of the Digital Expo, focusing on the goal of building a model for the development of the digital trade industry, the Digital Trade Conference also hosted a series of high-level forum meetings of the Zhijiang Digital Trade Forum. A number of major research results, standards and rules such as the White Paper on Digital Trade Standardization were released. 

This shows that China will not only inject a steady stream of vigor and vitality into the recovery and development of the world economy, and provide the world with "Chinese samples" and "Chinese solutions" for digital economy innovation, but also that China, as a major power will play an active role in the formulation of international tax rules and international economic governance rules. By formulating standards and rules such as the "White Paper on Standardization of Digital Trade," China is working with other countries to create a favorable global digital trade environment, and actively promoting the development and innovation of the digital economy with openness and a win-win mindset, so as to build a better digital future.

"Opening up and win-win cooperation" is not simply a wise way for China to adhere to the path of peaceful development and to meet challenges through mutually beneficial cooperation with other countries in the world, but also one of the secrets for countries to promote economic growth. 

In a time of unprecedented global changes, we need to call for higher digital trade cooperation by insisting on openness and win-win cooperation, stimulating the enthusiasm of countries to open up international trade, and fostering the healthy development of economic globalization.

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