Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Central People Government of People Re : China, ASEAN forge deeper digital economy cooperation

11/13/2020 | 09:37pm EST

NANNING - Not just Chinese shoppers but consumers in Southeast Asia were also revved up for China's annual 'double 11' online shopping festival that falls on Nov 11 this year.

Founded in 2012, Lazada, a leading Southeast Asian e-commerce platform backed by China's e-commerce giant Alibaba, launched its own version of a 'double 11' shopping spree this year.

Lazada's business is present in six countries in the region - Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Data showed that more than 350,000 brands and online outlets, including thousands of new brands, participated in Lazada 11.11 Biggest One-Day Sale.

Despite the impact of the COVID-19 pandemic, China and the Association of Southeast Asian Nations (ASEAN) have witnessed robust trade growth.

In the first 10 months of the year, China-ASEAN bilateral trade volume reached 3.79 trillion yuan (about $571.64 billion), accounting for 14.6 percent of China's foreign trade, up 7 percent from the same period last year, according to the General Administration of Customs.

Meanwhile, with conventional trade surging, China and ASEAN have deepened cooperation in the digital economy, manifesting huge potential to boost market consumption.

In order to foster a bilateral e-commerce industry chain, Guangxi Tus-Innovation Cross Border E-commerce Co Ltd headquartered in Nanning, the permanent venue of the China-ASEAN Expo, has cooperated with Alibaba to build Lazada cross-border Eco-Innovation Service Center (Nanning) since 2019.

The center has served more than 30 well-known Chinese companies, incubated over 400 small and medium-sized cross-border online retailers, and trained more than 1,000 e-commerce professionals, according to the company.

'Guangxi is China's gateway to ASEAN. Thanks to cross-border e-commerce platforms, more and more products are being traded online in the region,' said Ding Guoxun, general manager of the company.

Zhai Kun, a professor of international studies at Peking University, said that although the pandemic has severely hit the global economy, upgrading internet technology has brought countries virtually closer.

'Digital services, including online cross-border shopping, online education and telemedicine, are more widely used and the consumption patterns of global consumers continue to be innovated with the development of the digital economy,' Zhai added.

China's value-added digital economy registered 35.8 trillion yuan in 2019, accounting for 36.2 percent of the country's GDP, up by 1.4 percentage points compared with the previous year, according to the China Academy of Information and Communications Technology.

This year is designated as the China-ASEAN Year of Digital Economy Cooperation. ASEAN's digital economy is estimated to increase from 1.3 percent of GDP in 2015 to 8.5 percent in 2025, according to Lim Jock Hoi, Secretary-General of ASEAN.

China is leading in the development of digital infrastructure and is an important partner of ASEAN to promote the digital economy in the region, Lim noted.

The China-ASEAN Information Harbor Co Ltd, a Guangxi-based info-tech company, has been committed to China-ASEAN digital and information industrial cooperation over the past few years.

Li Ying, general manager of the company's overseas cooperation department, said the company has provided its independently-developed epidemic management and control platform and infrared temperature detector to some ASEAN countries to aid their fight against COVID-19.

Besides, some apps developed by the company have been used in ASEAN countries. 'The app's business volume has increased from 1 million yuan to 2 million yuan from March to May this year,' said Li, noting that it has boosted their confidence in the ASEAN market.

Azlimi Zakaria, consul general of the Consulate General of Malaysia in Nanning, said China's digital infrastructure, such as 5G, cloud computing, artificial intelligence, big data, and the Internet of Things, have developed rapidly in recent years, benefiting the digital trade between ASEAN and China.

Hailing China's rapid development, the Malaysian diplomat said ASEAN has continued to benefit from China's development of digital technologies, adding that more ASEAN products will enter China's market.

Disclaimer

The Central People's Government of the People's Republic of China published this content on 14 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2020 02:36:07 UTC


© Publicnow 2020
Latest news "Economy & Forex"
10:53aIndonesia's coast guard seizes Iranian and Panamanian tankers
RE
10:38aENERGY : rising raw material prices cause +4.5% hike for electricity and +5.3% for gas
PU
10:07aPolice to let protesting farmers into New Delhi on Republic Day - official
RE
10:04aUser Reports Indicate Reddit Is Having Problems - Downdetector
RE
09:53aTrump administration had no coronavirus vaccine distribution plan -White House
RE
09:25aAfter failed Carrefour bid, Couche-Tard seeks to reassure befuddled shareholders
RE
09:02aCASCADIA BLOCKCHAIN : Provides An Update on EBX
AQ
07:28aCanada's Trans Mountain pipeline sees fortunes shine after KXL's demise
RE
06:27aKuwait's emir reappoints PM to form new cabinet after parliament standoff
RE
06:18aUAE cabinet approves debt strategy to build local currency bond market
RE
Latest news "Economy & Forex"