CIFTIS key platform for digital economy development: Executive

Themed "Towards Digital Future and Service Driven Development", the China International Fair for Trade in Services, remains a key platform for digital economy development around the globe, said Liu Feng, co-founder of consumption information provider Zhi-Tech Group, during the fair.

"China has led digital economy development, thanks to the preferential policies on infrastructure construction of the digital economy, as well as the country's huge consumption market," Liu, also the chief technology officer of Zhi-Tech Group, told China Daily Website during an interview on Sunday.

The trade fair for services this year will accelerate the digitalized integration of the world's trade in services, as well, he said.

Zhi-Tech Group is a tech company that provides services to consumers, e-commerce platforms and brands. It is showcasing its latest strategy and services at the 2021 CIFTIS, which opened Friday and ends Thursday at Shougang Industrial Park in Beijing.

The company is displaying its new strategy facing the digital economy era in videos, interactions and on-site experience at its booth this year. It also is presenting its methods in assisting consumers to improve decision efficiency, promoting brands' acknowledgements and the operation efficiency of the industry.

The Beijing-based company recommended qualified overseas commodities to Chinese consumers upon establishment in 2011, and is starting to serve more Chinese brands now with the boom of the country's economy, as well as the rise of China-made brands, Liu said.

Zhi-Tech Group also released its 2021 Industry Consumption Trends Report on Friday by showcasing the latest consumption trends of eight industries, including household supplies, foods and health services, as well as exercise and fitness.

"Consumption drives China's economic growth in the post-pandemic era, with China's online retail transaction volume reaching 11.76 trillion yuan ($9.9 trillion) in 2020, accounting for 30 percent of retail sales of the year," Liu said.

He also added that the country's consumption industry is undergoing major changes in the post-pandemic era, for example, consumption scenarios are transfering from offline to online, with consumers becoming more family-orientated and focusing more on self-health management.

The change of population structure, as well as the technology driven upgrading and transformation of products and services, has all led to changes in the industry, the report said.