A glimpse of the third Global Digital Trade Expo, which kicks off in Hangzhou, the capital city of East China's Zhejiang Province, on September 25, 2024. Photo: Yin Yeping/GT

The third Global Digital Trade Expo (GDTE) kicked off on Wednesday in Hangzhou, capital city of East China's Zhejiang Province, the nation's innovation and trade hub, showcasing China's significant new opportunities and latest solutions in the digital economy.

Global digital trade is thriving, becoming an important trend in international trade development and new growth point for the world economy. Meanwhile, China has become one of the most dynamic regions for digital trade, Chinese and foreign officials and business representatives said at the expo.

This event, themed "Digital Trade and Global Access," serves as an important platform for exchanging ideas and sharing the benefits of China's digital development, industry insiders said.

This year's edition has attracted more than 1,500 enterprises from home and abroad, among which over 300 are international companies. A total of 446 new products and technologies will be featured at the five-day expo, which runs from Wednesday to Sunday, the Xinhua News Agency reported.

Over 30,000 purchasers have signed up for the event, with more than 6,000 of them based in foreign countries and regions, Xinhua reported.

Co-hosted by the Zhejiang provincial government and China's Ministry of Commerce, the event is currently China's only digital trade-themed expo at the national level.

This year, special exhibition areas have been dedicated to robots featuring artificial intelligence innovations and smart traffic solutions. Chinese companies have been the highlight in the expo, thanks to their advanced solutions in digitalization.

"At this expo, we are primarily showcasing gene sequencing solutions developed by our company," Charles Lu, director of public affairs at BGI Group, told the Global Times at the event. "They can be provided to our partners in various countries for scientific research, offering them Chinese technologies," Lu noted.

Beyond scientific research, BGI Group has observed a growing trend in the use of these technologies in agriculture. BGI's services cover more than 100 countries and regions, and there has been a steady growth in overseas demand.

"By participating in this expo, we hope to promote these advanced technologies to even more countries worldwide," Lu said.

China's digital industry has seen a robust growth in recent years, notching total revenue of 32.5 trillion yuan ($4.62 trillion) in 2023. Against this backdrop of vast opportunities in digital trade, foreign businesses are also eager to capitalize on the potential of China's digital market.

Speaking with the Global Times at the event, Cheng Fang, head of the regional sales division at Japanese technology firm Yokogawa China Co, said that the world is currently undergoing a wave of digitalization, and China is actively leading the way in this field. 

"We are focused on integrating our business with China's digital transformation, and this event represents a great opportunity for us," Cheng said.

Yokogawa China Co has a wide range of business sectors, including energy materials, life sciences, and pharmaceuticals. In recent years, the company's branch in China has consistently ranked as one of the top units in the global group, Cheng said, indicating the importance of the Chinese market to the Japanese company.

Cheng noted that their overall global strategy is increasingly oriented toward the Chinese market, and they will continue to invest and expand their presence in China.

"Over the past 40 years of reform and opening-up, China has attracted significant investment, positioning itself as the world's manufacturing hub. Now, with its consumer market size nearing that of the US, China presents enormous investment opportunities for both itself and the global market," said Wu Yabin, head of Investment and Technology Promotion Office Beijing of United Nations Industrial Development Organization. Wu made these remarks during a roundtable dialogue on the Fourth Industrial Revolution and Digital Transformation held in conjunction with the GDTE, highlighting the vast opportunities presented by the digitalization trend in China.

A glimpse of the third Global Digital Trade Expo, which kicks off in Hangzhou, the capital city of East China's Zhejiang Province, on September 25, 2024. Photo: Yin Yeping/GT