A large number of domestically produced machinery was assembled at Lianyungang, East China's Jiangsu Province, to be shipped out in January 2021. Photo: VCG

Shanghai kicked off a two-month industrial product online trading event on Wednesday, aiming to speed up the digital transformation of industrial transactions as well as piloting the use of digital yuan, seen as a move for China to further trial the use of e-currency to meet growing market demand.

The second China (Shanghai) Industrial Products Online Trade Festival focuses on digital transformation for industrial firms, aiming to achieve 20 billion yuan ($3.08 billion) in centralized purchase transactions through livestreaming, up 65 percent compared with the same period in 2020. On Wednesday alone, the volume of transactions reached 500 million yuan.

A Global Times reporter saw many industrial giants at the event, aiming to seek more business cooperation in digital transformation. Shanghai-based Obei Co, under China Baowu Steel Group Corp, which focuses on digital and intelligent revolution, was in attendance.

"From the production, manufacture to circulation, our firm is seeking an entirely digital supply chain, which can raise working efficiency," vice general manager of platform operation center, surnamed Fu, from Obei Co told the Global Times on Wednesday. 

Fu also said they hope to build a digital ecosystem which can attract more industrial partners.

The event will hold special sections for e-currency application, industrial robots and logistics communication during the two months. It was first held in 2020, as industrial firms sought to grasp opportunities due to the fallout of the COVID-19 epidemic.

B2B trading also aims to enhance Shanghai's core competitiveness, and raise the city's digital strategic advantages, connecting "domestic and international" dual circulation with industrial interconnection, continuously promoting digital transformation, according to the municipal authorities. The event is guided by the Shanghai Commission of Economy and Informatization and co-organized by Shanghai Industrial Internet Co and Lingang Group.

Notably, upstream and downstream manufacturing enterprises, not only in Shanghai but also those in the Yangtze River Delta region, will also experience the event and speed up their own digital transformation.