Photo/Xinhua

Nov. 6 (NBD) -- The Chinese version of World Trade Report 2018 (hereinafter referred to as "Report 2018") was released on Monday at a press conference held jointly by the Ministry of Commerce of China and the World Trade Organization (WTO) Secretariat.

The World Trade Report was translated into Chinese for the first time. The World Trade Report is an annual publication that aims to deepen understanding about trends in trade, trade policy issues and the multilateral trading system.

At the press conference which was held during the first China International Import Expo (CIIE) trade fair, Roberto Azevedo, Director-General of the WTO, stated that a Chinese version of the World Trade Report will be published at the CIIE every year from now on.

Sun Zhenyu, Chairman of China Society for WTO Studies, said at the conference that the Chinese version of the World Trade Report, which will be released annually, will help more Chinese entrepreneurs understand global economic and trade situation and better participate in economic globalization.

The Report 2018 examines how digital technologies – and in particular Internet of Things, artificial intelligence, 3D printing and blockchain – affect trade costs.

Wang Shouwen, Vice Minister of Commerce of China and deputy China international trade representative, commented at the conference that discussions in the Report 2018 about the impact of digital technologies on global trade are fit for current circumstances, as digital technologies constitute new driving force for world's economic growth.

It's seen at the first CIIE trade fair that dealers and buyers are concentrating on new technologies and new products. Vice Minister of Commerce Wang Bingnan said on Saturday that over 100 new products and new technologies would be unveiled at the Expo.

It's believed that the above-mentioned digital technologies can help trim trade costs as well as promote global expansion of value chain via transferring production activities to developing countries.

World trade will possibly grow yearly by 1.8-2 percentage points until 2030, as a result of the falling trade costs, amounting to a cumulated growth of 31 to 34 percentage points over 15 years, according to the Report 2018.

The Report 2018 also finds that the decline in trade costs can be especially beneficial for micro, small and medium-sized enterprises and firms from developing countries, if appropriate measures are taken and regulatory issues are addressed. In such case, developing countries' share in global trade is projected to grow to 57 percent by 2030 from 46 percent in 2015, the Report 2018 predicts.

Email: gaohan@nbd.com.cn