China-ASEAN cooperation in digital economy 'promising'

The digital economy is rapidly transforming industries and changing businesses. Government officials and insiders from institutes and enterprises were invited to share their insights and seek cooperation in the digital economy industry between China and ASEAN countries at the Sub-forum on Digital Economy Industry Cooperation held at Wuzhou Guest House in Futian District yesterday.

Attendees listen attentively at the Sub-forum on Digital Economy Industry Cooperation held at Wuzhou Guest House in Futian District yesterday. Liu Xudong

The forum, a parallel of the China-ASEAN Forum on Emerging Industries, aimed to foster the construction of a platform on China-ASEAN digital economy cooperation and deepen the regional cooperation in this regard.

While industry insiders shared their observations from macroscopic aspects such as the digital economy layout of representative countries, enterprise representatives presented specific cases showing how they facilitate customers through digital solutions.

“China and ASEAN share similar rules and challenges in leveraging the digital economy. To seize opportunities for businesses, there is more room to work together and learn from each other’s experiences in the digital domain, such as facilitating digital trade and creating a trustworthy environment for cross-border activities,” Lyu Shangyuan, assistant director, China office of the International Collaboration & Strategic Partnerships, Infocomm Media Development Authority, Singapore, said during the forum.

Data showed that e-commerce sales in Southeast Asia amounted to approximately US$131 billion in 2022 and are expected to increase significantly, reaching US$211 billion by 2025.

Liu Jianghong, general manager of cross-border business at Shopee, a leading online platform in Southeast Asia, expressed optimism about the region’s e-commerce market, given its population of over 600 million, including 460 million digital customers.

Shopee has successfully expanded its operations across more than 10 markets, including Singapore, Malaysia, the Philippines, Thailand and Vietnam.

Representatives from Shopee and Alibaba Cloud Intelligence both emphasized the significance of adapting to local culture and consumption habits when venturing into foreign markets.

China’s investment in the ASEAN region’s information and communication industry stood at US$2.4 billion in 2021, accounting for about 18% of the total investment during the same period. However, the percentage was only 2% in 2019.

The uptrend showed a promising opportunity for China-ASEAN cooperation in the digital economy, according to Song Yingqiao, vice president of Alibaba Cloud Intelligence’s international business.