“The short – term outlook for trade in services is far better than that for trade in goods, and the digital delivery model is becoming the core engine for the global trade recovery.” This is the judgment of Ngozi Okonjo – Iweala, the Director – General of the WTO, within the “Global Trade Outlook and Statistics” in 2024. Now, this judgment has been confirmed by knowledge: In Zhejiang alone, the import and export quantity of digital commerce from January to August 2025 reached 553.08 billion yuan, a yr – on – yr enhance of 13.3%.
Against the backdrop of worldwide capital’s consideration to the “Chinese opportunities” in digital commerce, Zhejiang has taken sensible actions, forming a whole digital commerce chain masking digital expertise, digital providers, knowledge transactions, digital merchandise, and so on., and plenty of modern enterprises and initiatives have emerged.
On September twenty fifth, the 4th Global Digital Trade Expo (hereinafter known as the “Digital Trade Expo”) opened at the Hangzhou International Expo Center. As the one nationwide – degree, worldwide, {and professional} exhibition in China themed on digital commerce, this yr’s Digital Trade Expo innovatively launched the “Digital Trade Venture Capital Day” occasion. Aiming at “promoting the efficient connection between innovation and capital in the digital trade field”, it’s dedicated to constructing a global and sensible trade platform integrating coverage communication, capital stream, and industrial collaboration. A complete of greater than 500 international friends from authorities departments, funding establishments, industrial platforms, and science – and – expertise innovation enterprises participated.
This can also be why the 4th Global Digital Trade Expo specifically launched the “Digital Trade Venture Capital Day” this yr. Aiming at “promoting the efficient connection between innovation and capital in the digital trade field”, it exactly matched 100 science – and – expertise innovation initiatives with 100 funds throughout the nation to collectively discover new paths for digital commerce. A variety of cooperation initiatives masking a number of fields resembling biotechnology, clever expertise, and academic expertise have been launched on – website at the occasion. According to incomplete statistics, the full cooperation quantity exceeded 50 million yuan, and it’s anticipated to drive funding of over 200 million yuan.
As the one nationwide – degree exhibition in China themed on digital commerce, the Digital Trade Expo has all the time performed the function of a window – displaying tendencies, connecting sources, and linking the world. However, simply displaying just isn’t sufficient. The misalignment between capital and business has left many inventions at the conceptual degree. The institution of the Venture Capital Day is to bridge the final mile: placing insurance policies, capital, and business right into a closed – loop situation to really flip innovation into actuality.
I. The Zhejiang Background of Digital Trade
Why did Zhejiang turn out to be the start line for the Digital Trade Venture Capital Day? The reply lies within the lengthy – time period accumulation of the digital commerce basis on this area.
In 2024, Forbes China evaluated within the sequence of reviews “Digital Trade: China’s New Global Calling Card” that the core competitiveness of Zhejiang’s digital commerce lies within the three – dimensional linkage of “policy setting the direction, capital providing strong support, and the ecosystem building barriers”.
This growth path, thought to be a “replicable model”, was vividly confirmed within the opening speech of the Digital Trade Venture Capital Day. At the assembly, representatives from Chinese and overseas governments and establishments outlined the whole hyperlink from idea to apply of digital commerce from 4 dimensions: coverage steerage, monetary empowerment, worldwide cooperation, and nationwide technique.
Good insurance policies that meet actual – world wants are the “precise navigators” for digital commerce to interrupt by way of the fog and keep away from hidden reefs. Zhejiang goals at the brand new observe of “artificial intelligence + digital trade”, selling triple innovation in situations, fashions, and enterprise varieties; concentrating on the brand new aim of turning into a world digital commerce heart, it attracts excessive – high quality capital such because the UAE Sovereign Wealth Fund and the second – section Service Trade Fund; it creates a enterprise atmosphere of “the best service, the lowest cost, and the highest efficiency” and makes the dedication of “not letting any enterprise feel lonely”.
Behind the implementation of insurance policies is the in – depth collaboration of capital. In the primary half of this yr, the steadiness of expertise loans of the Industrial and Commercial Bank of China (ICBC) exceeded 6 trillion yuan, serving greater than 110,000 expertise – based mostly enterprises with loans. Different from conventional credit score, ICBC builds an ecosystem by way of “investment – loan linkage + cross – border service package”, serving to enterprises make up for his or her quick – comings with R & D loans and expertise loans. Branches in 69 international locations and areas help enterprises in fixing cross – border settlement, trade – charge danger – avoidance and different issues when going international.
Meanwhile, the “borderless” nature of digital commerce makes it doable for this native apply to increase globally. Dr. Ali Mohammed Al – Khouri, Secretary – General of the Office of the Deputy Prime Minister and Minister of Interior of the UAE and Chairman of the Arab Digital Economy Alliance introduced an “olive branch” from the Middle East market at the assembly.
He revealed that the Arab area is accelerating the development of digital infrastructure, and the funding in knowledge facilities will attain 6 billion US {dollars} by 2030. The “Arab Digital Economy Vision” is anticipated to create an financial worth of 1 trillion US {dollars}. The alliance has not solely arrange an workplace in Hong Kong but in addition plans so as to add extra footholds within the Chinese mainland to make sure the graceful stream of Chinese – Arab items, providers, and knowledge in a trusted ecosystem.
Dr. Ali Mohammed Al – Khouri, Secretary – General of the Office of the Deputy Prime Minister and Minister of Interior of the UAE and Chairman of the Arab Digital Economy Alliance
From the native to the nationwide degree, the exploration worth of Zhejiang is turning into increasingly outstanding. In 2024, the dimensions of China’s digital service commerce exceeded 3 trillion yuan, a yr – on – yr enhance of 10.2%, turning into an necessary engine for stabilizing overseas commerce. Zhejiang performed the function of a “pioneer” in it and offered priceless “Zhejiang experience” for the entire nation.
II. The Concentrated Outburst of Hard – Core Achievements
Different from the idea output of standard conferences, the achievements launched on the “Digital Trade Venture Capital Day” concentrate on “pragmatism”. This could be seen from the preparation stage.
As early as May this yr, the “Digital Trade Venture Capital Day” began cross – metropolis preparations. It successively delved into three innovation excessive – grounds of Beijing, Shenzhen, and Xi’an, pre – connecting with regional capital and science – and – expertise innovation initiatives, and specializing in core digital commerce tracks resembling synthetic intelligence, biomedicine, and future networks. In different phrases, the Venture Capital Day just isn’t a unexpectedly organized show however a concentrated launch of lengthy – time period incubation.
The concentrated outburst of achievements is first mirrored within the awards. The “Pioneer Award (DT Award) of the 4th Global Digital Trade Expo”, because the core award of the Digital Trade Expo, noticed notably fierce competitors this yr. The scale of collaborating initiatives elevated from greater than 100 within the first session to 277, and at last 64 initiatives stood out. The jury led by academicians adhered to the precept of “selecting the best from the best”, not solely awarding gold, silver, and bronze prizes but in addition organising the Newcomer Award, the Most Investment – worthy Award, and the Best Organization Award. Hangzhou Unitree Technology and Zhejiang Xunshi Technology gained the gold award, turning into representatives of laborious expertise and step by step forming a benchmark matrix for digital commerce masking totally different development phases for the DT Award.
In addition to the awards, the discharge of “navigation tools” and “financial solutions” can also be necessary. The Top 100 List of Zhejiang’s Digital Trade, the 2025 Zhejiang Openness Index, the funding matrix of Zhejiang’s enterprise capital funds, and the achievements in boosting the cultivation of recent productive forces have been concentratedly launched, offering a course reference for native governments and enterprises; The “Future Industry” complete monetary answer launched by the Science and Technology Finance Center of ICBC tailor-made financing channels for science – and – expertise innovation enterprises at totally different phases; The “Five – in – One” service mannequin demonstrated by the “Hangzhou Innovation E – Station” offered full – life – cycle monetary help for enterprises from the seed stage to the expansion stage; The State – owned Assets Supervision and Administration Commission of Zhejiang Province introduced 20 “Artificial Intelligence +” utility circumstances, masking key situations resembling vitality dispatching, clever transportation, and medical picture prognosis, making the combination path of digital and actual economies extra concrete.
The mixture of capital and business was additionally quickly promoted on – website. ICBC signed strategic agreements with science – and – expertise innovation enterprises resembling Rokid Technology on – website, with a complete credit score line exceeding 10 billion yuan; Institutions resembling Zhejiang Innovation Investment Group, Binjiang High – tech Zone, and Anji Economic Development Zone additionally reached a number of cooperation intentions. The preliminary estimate of the full cooperation quantity exceeded 10 million yuan, additional opening up the hyperlink from capital to industrial implementation. More structurally vital is that the Professional Committee for Science and Technology Innovation, Entrepreneurship, and Investment of the Global Digital Trade Expo was established on – website, aiming to combine scattered capital, expertise, and situation sources right into a joint power, keep away from “going it alone”, and promote systematic collaboration.
The awards, lists, monetary options, signings, and the skilled committee collectively kind the “achievement closed – loop” of the Venture Capital Day. They don’t exist in isolation however are progressive: awards uncover potential initiatives, lists and indexes present course coordinates, finance and cooperation remedy implementation issues, and the skilled committee promotes lengthy – time period useful resource collaboration.
III. How Can Capital and Industry Be in Sync?
As digital commerce enters the deep – water space pushed by expertise, regardless of the outstanding achievements, an unavoidable contradiction nonetheless exists: on the capital aspect, traders maintain funds and need to make investments early and in small initiatives, however they’re afraid of the inflated expertise in early – stage initiatives and the issue in implementation; on the commercial aspect, enterprises maintain core applied sciences and need to deliver them to the market, however they lack mass – manufacturing sources, provide – chain help, and cross – border channels.
How can capital and initiatives, expertise and the market be in sync? Two spherical – desk discussions on the Venture Capital Day have been in – depth explorations of this contradiction.
The first spherical – desk was hosted by Huang Jinping, the founding accomplice and chairman of Rongyi Investment. Representatives from main establishments resembling Li Xiao, the deputy basic supervisor of Zhejiang Financial Holding Investment Management Co., Ltd., Lu Shengdong, the chairman of ICBC Capital, and Zong Peimin, the chairman of Huarui Investment, gathered with Zhang Min, the abroad basic supervisor of Unitree Technology, and Mi Qun, the secretary of the board of administrators and senior vice – president of Rokid Technology. They dissected the co – development logic of the laborious – expertise ecosystem from “capital supply” to “industrial implementation”.
Li Xiao mentioned that in opposition to the backdrop of the nation’s encouragement to speculate early, in small initiatives, and in expertise, Zhejiang Financial Holding focuses on the transformation of achievements from “0 to 1” and cooperates with provincial laboratories and expertise innovation facilities to assist scientists flip applied sciences into merchandise one – on – one.
Although “investing early and in small projects” conforms to the pattern, early – stage expertise initiatives have excessive dangers and nice uncertainties. How to steadiness funding enthusiasm and danger management?
Lu Shengdong dissected intimately ICBC Capital’s “risk – control balancing technique”. On the one hand, it builds a mechanism of “six special measures”, and then again, it conducts due diligence with “one card, one form, and one meeting”. “For example, a medical AI enterprise invested last year passed the evaluation quickly with this mechanism and has now entered the clinical verification stage.” Lu Shengdong added.
Zong Peimin, who has been deeply concerned within the funding discipline for 23 years, returned to the essence of funding and proposed the core customary of “evaluating people”: “When investing early and in small projects, the key is to look at the ‘five characteristics’ of the entrepreneurial team – the wisdom to make concessions during negotiations, the learning ability to take in suggestions, the cooperative spirit of tolerance towards shareholders and employees, the execution ability to take action on the same day when contacting customers, and the diligence of starting work as soon as they open their eyes.”
Compared with the technique sharing on the capital aspect, the apply on the enterprise aspect can extra intuitively replicate the binding worth of capital and business. Zhang Min recalled Unitree’s “comeback journey” and admitted that the enterprise would have been troublesome to maneuver ahead with out capital injection. With capital help, it achieved mass manufacturing of robotic canines in 2016 and entered the humanoid robotic observe with the assistance of the massive – mannequin pattern in 2023… Behind that is that capital helped make up for the quick – comings in mass – manufacturing tools and the provision chain.
Mi Qun took the AR observe for instance to emphasise the importance of capital as a “timely help”. He mentioned that the worth of capital is way over simply funds: “When we lacked engineers, the investor helped recruit the core team from Goertek; when we lacked a supply chain, it connected us with a contract manufacturer in Shandong. Now our AR glasses can be used as teleprompters and even auxiliary terminals to replace mobile phones. These breakthroughs are all inseparable from the support of capital at the ‘problem points’.”
The second spherical – desk was hosted by Feng Dagang, the CEO of 36Kr. Five friends, together with Xia Lin, a accomplice of Zhongke Chuangxing, Deng Zelin, an government member of the Service Trade Innovation and Development Guidance Fund, Cao Guoxiong, the chairman of Puhua Capital, the innovation and growth director of the Hong Kong Science and Technology Park, and Wassim Naif Musallam Al – Kalaleh, the market director of the UAE Legend Holdings Group, dissected the core capabilities of “industrial partners” from the views of laborious – expertise funding, nationwide – degree funds, market – oriented VCs, cross – border incubation, and worldwide cooperation respectively.
Xia Lin believes that to be an industrial accomplice, one must have three capabilities: cognitive synchronization, useful resource connection, and lengthy – termism. Specifically in challenge choice, Zhongke Chuangxing focuses on home substitution and disruptive innovation. “Although it is difficult to implement cutting – edge fields such as controlled nuclear fusion, original innovation based on scientific principles is worthy of long – term layout.”
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