On the morning of November 5, 2022, the Parallel Session on “Innovative Development of Digital Trade: Opportunities and Challenges” of the 5th Hongqiao International Economic Forum (Hongqiao Forum), co-hosted by the Ministry of Commerce of the People’s Republic of China, the Chinese Academy of Social Sciences and the Global Alliance for Trade in Services, and co-organized by the Institute of World Economics and Politics of the Chinese Academy of Social Sciences and the National Institute for Global Strategy of the Chinese Academy of Social Sciences, was held at the National Convention and Exhibition Center (Shanghai). Zhang Yuyan, member of the Chinese Academy of Social Sciences, Director of the Institute of World Economics and Politics, and Chief Expert of the National Institute for Global Strategy, chaired the speech session, participated in the panel discussion and made a conclusion.

In a video message, Gao Peiyong, Vice President, member of the CPC Party Group and member of the Chinese Academy of Social Sciences, stressed that there are important opportunities for the innovative development of digital trade and that digital trade is a significant engine for promoting a high level of openness and building an open world economy. Zhang Xiangchen, Deputy Director-General of the World Trade Organization, delivered a video message in which he said that developing countries should strengthen capacity building and actively participate in international rule-making to better grasp the opportunities for innovative development of digital trade. In his speech, Jiang Zengwei, President of the Global Alliance for Trade in Services, proposed that countries should adopt a global perspective and innovative thinking to coordinate digital trade development and security and explore establishing a sound global digital trade governance system. Liu Jun, Governor of the Bank of Communications, pointed out in his speech that the synergy of the internationalization of RMB and the digital RMB will become an essential driving force for the development of digital trade.

Dong Yan, Director of the International Trade Research Department and Researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, moderated the discussion session. Zhang Yuyan and Craig Allen, President of the US-China Business Council, Xing Houyuan, former Director and Researcher of the China Outsourcing Institute, Takamoto Suzuki, Director of the Economic Research Department of Marubeni China Ltd. (online), Tu Xinquan, Professor and Director of the China Institute for WTO Studies at the University of International Business and Economics, and Bernard Hoekman, Professor and Director of the Global Governance Program at the European University Institute (online), were present and held discussions on “Trends in Digital Trade”, “Levels of Digital Trade Openness”, “Impact of Digital Trade Openness on Global Development” and “Digital Trade Governance and International Cooperation” and other topics.

The Digital Trade Research Report of the National Institute for Global Strategy and the Institute of World Economics and Politics of the Chinese Academy of Social Sciences was officially released during the parallel session. The report authors combed the status quo and trends of digital trade development, analyzed the level of digital trade openness, discussed the impact of digital trade openness on global development, and put forward policy recommendations for developing digital trade openness in China.