Photo:VCG

China's State Council on Monday gave approval for Shanghai to establish a pilot zone for Silk Road e-commerce cooperation, days after the third Belt and Road Forum for International Cooperation, which discussed such zones as a way to boost cooperation.

The State Council said it will give full play to Shanghai's breakthrough role in reform and opening-up, encourage pioneering trials, align with international high-standard trade rules, expand the opening of the e-commerce field and build a new highland for international cooperation in the digital economy.

The approval also requires the Shanghai government to take concrete measures to promote the cooperation, and requires the Ministry of Commerce to enhance the supervision.

The move came after the major steps announced at the third Belt and Road Forum for International Cooperation held in Beijing.

China will support an open world economy through measures such as establishing pilot zones for Silk Road e-commerce cooperation, entering into free trade agreements and investment protection treaties with more countries, and removing all restrictions on foreign investment access in the manufacturing sector, according to the forum.

Silk Road e-commerce, a new international cooperation platform for economic cooperation under the Belt and Road Initiative (BRI), has seen robust development in recent years, boosting two-way trade between China and countries along the BRI route after more than six years' development.

At present, China has signed a bilateral memorandum of understanding (MoU) on e-commerce cooperation with 30 countries, according to Guo Tingting, vice minister of commerce, on October 10.

Guo said that China has held multiple events to help partner countries expand sales channels for high-quality specialty products, and has organized and carried out special activities such as the "African Goods Online Shopping Festival," which have been well received by governments and enterprises of various countries.

At the same time, domestic enterprises are encouraged to go global to accelerate the development of the e-commerce market and e-commerce industry in partner countries.

Guo said that in the next step, China will continue to optimize the cooperation platform, actively respond to the demands of partner countries, and explore new paths for cooperation.

Global Times