The International Service Outsourcing Development Forum marks the opening of the 10th China Sourcing Summit, which took place in Hangzhou from Sept 26 to 28. [Photo/hangzhou.gov.cn]

The 10th China Sourcing Summit, with a focus on developing digital economy through the use of AI and 5G, took place in Hangzhou, capital of Zhejiang province, on Sept 26. 

The China Sourcing Summit, China’s only national summit to focus on sourcing, has been hosted for 10 consecutive years. It has spurred cooperation between China’s service suppliers and foreign buyers, and has helped develop China’s sourcing industry. 

This year’s event lasted three days and included 16 activities, among which were a series of forums on sourcing services and road shows. 

More than 1,000 participants from China, the United States, Germany, Hungary, and Japan, among other countries, participated in the event in hopes of finding potential partnerships. 

The 290-square-meter Hangzhou exhibition area stole the spotlight at the summit, dazzling visitors with its diversified products and service solutions, including its intelligent unmanned prowl cars, cross-border financial solutions and innovative game products.

According to statistics, the aggregated value of Hangzhou’s offshore service outsourcing reached $6.92 billion in 2018 from $1.38 billion in 2010, registering an annual average growth of 22.34 percent ever since Hangzhou launched the first China Sourcing Summit.