Digital technology reduces cross-border connection costs

The importance of digital technology is growing with the development of the economy. At the Jiangbeizui New Financial Summit 2022, participating experts discussed how digital services can strengthen the entire industrial chain and the role played by the digital economy in today’s economy.

Jiang Xiaojuan, member of the Standing Committee of the 13th National People’s Congress, vice chairman of the Social Construction Committee of the National People’s Congress and president of the Chinese Society of Public Administration, believes that digital producers can integrate various services required in the industrial chain to improve the efficiency of full-chain production.

For example, financial services, smart procurement, smart market-side inventory, and after-sales service links can be added to the Industrial Internet.

Christopher Pissarides, 2021 Nobel Laureate in Economics and Professor of Economics at the London School of Economics and Political Science, said that unlike previous technological breakthroughs, digital technology affects all sectors, not just specific industries. Moreover, digital technology is spreading faster than any previous technology.

Innovative companies can use digital platforms to combine various elements to improve their innovation efficiency. Since technology is rapidly changing and requires massive data support, extensive collaboration is increasingly necessary for innovation. Digital technology reduces the costs of cross-border links and forms a global network of innovation”said Jiang Xiaojuan.

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