Chongqing - In Chongqing, companies that trade with the RCEP region can now access a digital system to target the best trading strategy with the lowest tariff, based on the different free-trade agreements.

FTAs (free trade agreements) are the new system launched by the China Council for the Promotion of International Trade Chongqing Committee for the 2022 Smart China Expo. The system integrates multiple fast administrative channels for companies to deal with all procedures, including applying for the RCEP original certificate and understanding the relevant policies.

In the future, the system will include services in commercial law, commercial certification, and commercial disputes. Additionally, companies may be attracted to the optimal tariff search function since it helps them plan their tariff strategy and lower operating costs through big data calculation and comparison.

The system is now available via an official Wechat QR code below.

The QR code sent by the Committee leads to the FTA system. Once ready, it will be available online. (Photo provided to iChongqing)

The FTA is an application of digital technology in foreign trade. It shows only a small fraction of the flourishing Chinese digital economy.

Mobile payment, e-commerce, and smart logistics are not new when they appear alone but become powerful as they combine to create a digital environment. China is doing well with its comprehensive digital system and application.

Mobile payments have evolved from emerging to the most common payment method in China, with 852.52 million users in 2020.

During the online Forum on Digital Trade Cooperation and Development under the Framework of RCEP at the 2022 Smart China Expo, experts and entrepreneurs gather to discuss international cooperation in the digital economy.

Ding Yu, Ph.D. in Economics from the University of Cologne, told iChongqing that China is a big country trying to handle challenging issues related to the digital economy. There are two areas in which China may provide digital economy solutions to the world. One is to deal with the elderly, and the other is to engage the young generation in today's development.

"China can provide some development form in the digital age for other countries, especially in Southeast Asia, Africa, and Latin America," said Dr. Ding.

China is the second largest digital economy in the world. As one of China's key industrial hubs, Chongqing is accelerating the development of the digital economy as an important area for growth in the future. Chongqing's digital economy sector accounted for about one-fifth of its product added value in 2021, reaching 757.8 billion yuan.