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Digital Trade in China and Its Implications

Author Park Kayoung(박가영) Date 2020.12.31 Series
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New information and communication technologies have developed significantly, and now wield considerable influence on the traditional
commodity trade. The concept of digital trade has emerged around the world and has drawn global attention. Digital trade is a form of trade in which information and communication technology plays an important role. The characteristics of digital trade are for the most part, twofold. First is the digitalization of the method of exchange. Information and communication technologies have changed the way traditional trade is conducted, and e-commerce platforms have become an important hub for international trade. Information display, trade negotiations, payments and settlements and tax clearance are done online, greatly reducing trade costs and improving efficiency. The second is the digitization of trade goods, that is, the digital services trade: data and products in the form of data.
Services are traded globally through information and communication networks, and their impact on production and transaction continues to expand. Recently, new technologies such as cloud computing and big data continue to develop, and the content of digital trade is diversifying continuously, especially in China and the U.S.
The importance of digital trade has also grown. Moreover, China has increased its digital trade and influence in different regions by promoting its Belt and Road project. Accordingly, this paper seeks to grasp digital trade and analyzes the digital trade in China, dividing it into digital product (software) trade, digital service trade and e-commerce trade. This study concludes with a description of the implications for policy carried by the results of the analysis.