hangzhou leads legislation for digital trade-518棋牌

the china (zhejiang) pilot free trade zone. [photo/wechat account: gh_47021e8077c1]

hangzhou will implement the hangzhou digital trade promotion regulations, the country's first local regulations on digital trade, on june 1 this year.

the regulations, tailored to hangzhou's digital trade development, define the concept of digital trade and outline provisions regarding digital trade formats, entities, digital business environment, and safeguards.

a highlight of the legislation is the delineation of digital trade formats. for instance, it prioritizes digital service trade in areas such as digital finance, visual intelligence, and smart logistics.

facilitating the free flow of data elements across borders is another focal point. the regulation specifies that the government will promote the formulation and implementation of rules regarding cross-border data flow and storage. it also aims to explore the establishment of offshore data centers and offshore data service outsourcing trial zones targeting southeast asia, south asia, and central asia.

hangzhou's legislation on digital trade not only pioneers breakthroughs but also promotes the standardization of digital trade practices.

"hangzhou's integration of national top-level design with local innovative practices, leading legislative efforts domestically, can serve as a beacon of institutional innovation in digital trade," said zhang monan, deputy director of the department of american and european studies at the china center for international economic exchanges.

the global digital trade expo is held in hangzhou. [photo/wechat account: gh_47021e8077c1]