Digitalized trade is set to create new opportunities for business cooperation between China and Russia, according to guests attending the 28th St. Petersburg International Economic Forum in Russia.
Held under the theme "Shared Values: The Foundation of Growth in a Multipolar World," the four-day forum which ended Saturday in St. Petersburg gathered delegates from over 100 countries and regions for business dialogs.
Zhou Liqun, chairman of the Union of Chinese Entrepreneurs in Russia, said business leaders of the two countries have been organizing annual sessions during the forum to enhance cooperation relations.
"This forum has been going for many years. And the Chinese companies and the Chinese Business Union in Russia have been organizing for seven years a session of China-Russia business dialog," he said.
One important aspect of the bilateral business cooperation lies in the digital trade.
Sun Tianshu, chairman of the board of directors of Qifa digital trade platform, said there's huge potential in the level of digitalization between the bilateral trade.
"Let's take a look at the Russian-Chinese trade. The level of digitalization is still very low. That's why ahead of us, I think, not just in front of the companies, but the governments of our countries, there is a serious challenge. We need to faster digitalize the Russian-Chinese trade," Sun said.
Many Russian companies believe trade digitalization will raise the business efficiency and reduce the trade costs.
"I would say that all industrial giants, not just in Russia, but around the world, are currently moving to the digital. Why? Because it gives them additional efficiency in different environments. China is our target as well, but China is really big and very well-developed," said Kirill Kravchenko, a member of the board of directors of Russia's oil and gas company Gazprom Neft.
Digitalized trade to create new opportunities for China-Russia cooperation
