Long Yongtu, former vice-minister of the then Ministry of Foreign Trade and Economic Cooperation, addresses the 4th Global Cross-Border E-commerce Summit in Hangzhou, in Zhejiang province on June 27. [Photo/WeChat account: chcecpa]

Long Yongtu, former vice-minister of the then Ministry of Foreign Trade and Economic Cooperation, said he recognized the great opportunities brought about by digital economy for global economic development.

He emphasized that more efforts should be made in cross-border e-commerce and mobile payments, so as to contribute to the development of China and the world as a whole.

Aside from the main forum, two sub-forums -- focusing on the cross-border e-commerce markets in Russia, the Middle East, Africa, India, South America and Europe and America -- were also launched.

Home to e-commerce giant Alibaba, Hangzhou recorded $11.67 billion worth of imports and exports in its cross-border e-commerce last year, a year-on-year increase of 14.41 percent.

From January to April, the city's cross-border e-commerce exports rose 26.28 percent to $2.69 billion, accounting for 19.13 percent of Hangzhou's foreign trade exports. There were 14,346 Hangzhou–based online stores operating by the end of 2018.

A roundtable dialogue on how digital technology can support traditional trade is held, at the 4th Global Cross-Border E-commerce Summit in Hangzhou, in Zhejiang province on June 27. [Photo/WeChat account: chcecpa]