Xinhua Finance: Digital Technology Reduces the Costs of Cross-Border Linkage and Forms a Global Network of Innovation

CHONGQING, China, Aug. 4, 2022 /PRNewswire/ -- The importance of digital technology is becoming increasingly prominent with the development of the economy. At the 2022 Jiangbeizui New Financial Summit, the participating experts discussed how digital services can empower the whole industrial chain and what role the digital economy has played in today's economy.

Jiang Xiaojuan, Member of the Standing Committee of the 13^th National People's Congress Standing Committee, Vice Chairperson of the Social Construction Committee of the National People's Congress, and President of the Chinese Public Administration Society, believes that digital producers can embed various services required in the industrial chain to improve the full-chain production efficiency. For example, financial service links, smart procurement links, market-side smart inventory, and after-sales service links can be added to the Industrial Internet.

Christopher Pissarides, 2021 Nobel laureate for 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 some specific industries. Besides, digital technology spreads faster than any previous technology.

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

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