China upholds open environment for digital economy, Vice Premier

China is committing to creating an open environment for digital economy and is willing to work with international community to discuss rules for digital economy-related issues, said Chinese Vice Premier Wang Yang on Tuesday.

In addition to its commitment to the World Trade Organization, China has opened more telecommunication subsectors to foreign investors in Shanghai Free Trade Zone and relaxed equity limit for foreign investors in e-commerce business around China, said Wang at a forum under the 27th session of the China-U.S. Joint Commission on Commerce and Trade (JCCT).

With the open investment environment, China has become the most important overseas market for American telecommunication companies, said Wang. Wang reiterated that China is creating a level playing field for all companies which are doing business in China.

China's recent efforts, including the adoption of cybersecurity law and the drafting of e-commerce law, are aimed at improving regulation and supervision over digital economy and ensuring a level playing field for all companies, said the vice premier. Digital economy is an important driver for global economy, and countries all over the world are seeking to reach a common ground for international rules for the booming digital economy.

Wang called for the adherence to the G20 Digital Economy Development and Cooperation Initiative which was reached during the G20 Hangzhou summit this September.

The initiative sets guidelines and key areas for international cooperation and the development of digital economy, said Wang. In order to build an open and inclusive business environment and free up potential of digital economy, Wang said that China is committing to strengthen international cooperation and rule discussions on digital economy.

China is willing to work with U.S. to grow the pie of digital economy so as to benefit businesses and people from both countries, said Wang. Wang on Tuesday also attended a forum where business leaders and government officials from both China and U.S. discussed issues, such as mergers and acquisitions, compliance management and technology challenges.