White Paper On International Economy And Trade 2018
White Paper on InternationalEconomy and Trade 2018[Outline]July 10, 2018Trade Policy Bureau,Ministry of Economy, Trade and Industry
Table of ContentsPart 1 Global economyChapter 1 Recent trends in the global economy and Japan’s external trade andinvestmentChapter 2 Economic trends and external economic policies in majorcountries/regionsPart 2 Analysis: Significant shift in the global economyChapter 1 Expanding digital tradeChapter 2 Rise of emerging and developing economiesSection 1 Changes in the roles of emerging and developing countries in the global economySection 2 Response to global excess production capacityChapter 3 Rapid change in the Chinese economySection 1 Macroeconomic trendsSection 2 Advance of new industriesSection 3 External trade and investmentSection 4 Business opportunities for Japanese companiesPart 3 PoliciesChapter 1 Development of free, fair and high-level trade rulesSection 1 Progress in mega-FTAs (TPP11, Japan-EU EPA, RCEP, etc.)Section 2 Investment-related treatiesSection 3 Japan-U.S. economic relationsSection 4 WTOSection 5 G7/G20 and OECDSection 6 APECChapter 2 Emerging country strategy (China, ASEAN/Asia-Pacific, India, Russia,the Middle East, and Africa)Chapter 3 Comprehensive trade policySection 1 Promotion of utilization of economic partnership agreementsSection 2 Consortium for New Export NationSection 3 Food exports1
Expanding digital tradePart 2 Chapter 1 Expanding digital trade The scale of the global cross-border e-commerce (EC) market is expected to grow invalue from 236.0 billion dollars in 2014 to 994.0 billion dollars in 2020. The number of cross-border EC users is expected to rise from around 300 millionpeople to more than 900 million people over the same period. The domestic business-to-commerce (B2C) EC market is also expanding. In 2016,China was already the global No. 1 in terms of both the scale of the internet retail salesmarket (with a value of 939.4 billion dollars) and EC ratio (19%) .Scale of the global cross-border EC market(1 billion(100 millionpeople)OthersNorth AmericaWestern EuropeAsia-Pacific8.5Number of cross-border EC users (right axis)7.51,2001,0009.41099498826800Estimate75.866 4.56004003.12363.6The scale of the global cross-borderEC market, which was 236.0 billiondollars in 2014, has continuedexpanding since then and isexpected to reach 994.0 billiondollars in 2020.5530440133082200The number of cross-border ECusers, which was around 300million people in 2014, is expectedto approximately triple to 900million people in 2020.1002014201520162017201820192020Remarks: Estimated figuresSource: Accenture and Alibaba Research (2015).EC ratio, growth rate, and value of B2C EC marketby country (unit: 100 million dollars)The scale of the global B2C ECmarket in 2016 expanded 122% invalue from the previous year toaround 2.4 trillion dollars.By region, China is the largest ECmarket, accounting for around 40%of the global market value.The growth rate for China is higherthan the rate for the United States,the second-largest market, so Chinais expected to continue to lead theglobal EC market.Remarks: The size of the circle corresponds to the scale of the EC market. The figures aboveare for 2016. However, the market scale and the EC ratio in the Middle East/Africa region arefigures for 2014 and the annual average growth rate in the region is a figure for 2014-2025.Source: Prepared on the basis of interviews with eMaketer and TranscosmosChina is also the global leader interms of EC ratio (19%).2
Advance of IT platform providers Part 2 Chapter 1 Expanding digital tradeWhile companies in such sectors as energy, banking and telecommunicationsdominated the top rankings of companies in terms of market capitalization 10years ago, IT platform providers have advanced in the rankings. Six of the topten companies are now IT platform providers.Global rankings of companies in terms of market capitalization2008#1Company nameCountryChina National PetroleumChinaCorporation2 Exxon Mobil Corporation3General ElectricCompany4 China MobileIndustrial and5 Commercial Bank ofChina Limited6 Microsoft Corporation7 Gazprom8 Royal Dutch Shell plc9 AT&T Inc.10China Petroleum andChemical CorporationSectorMarketcapitalization gas264,764252,0512018#Company ketcapitalization(1 milliondollars)1 Apple Inc.U.S.2 Alphabet Inc.U.S.MicrosoftCorporationU.S.Software686,2834 Amazon.com, Inc. U.S.Departmentstores671,0845 Facebook, Inc.U.S.Onlineservices512,4716 y Inc.Alibaba Group8Holding Limited79U.S.ChinaJPMorgan Chase &U.S.Co.Industrial and10 Commercial Bankof China In line with the expansion of digital trade,global companies providing IT platformsfor EC and cloud computing services areincreasing their presence.A decade ago, in 2008,telecommunications companies, as wellas banks, and oil and gas companies, ledthe rankings, as businesses providingtelecommunication infrastructure tendedto be highly valued in terms of marketcapitalization against the backdrop of amarked rise in the diffusion rate ofmobile phones. However, in recent years,online services provided throughinformation and communicationnetworks have risen in prominence.In the global top 10 rankings in terms ofmarket capitalization as of January 2018,Apple was No. 1, followed by other U.S.and Chinese IT platform companies, suchas Alphabet (Google), Amazon,Facebook, Tencent, and 354,750Remarks: The above figures are as of February 12, 2008 and January 1, 2018Source: Thomson Reuters3
Challenges for digital tradePart 2 Chapter 1 Expanding digital trade Data protectionist moves are increasing, including data localization regulation,requirement for the adoption of mandatory security standards, and requirement forsource code disclosure that impedes free cross-border data flow. If new regulations related to data are introduced, the GDP of that country is expectedto be negatively impacted. Other challenges include how to secure an environment of fair competition betweenIT platform providers and existing industries and how to ensure the protection andsafety of consumers.Changes in the number ofregulations related to cross-borderdata flow (1960 to 2017)Number of regulations related tocross-border data flow(by region/country) (as of 2017)Number 337.9%China910.3%Middle East/Africa78.0%Asia-PacificNorth America66.9%Canada55.7%U.S.11.1%Central and SouthAmerica44.6%87100.0%TotalRemarks: The years represents the timings ofentry-into-force and revision of regulations.Based on a survey by ECIPE.Source: ECIPE and Digital Trade EstimatesShareRemarks: The number of regulations which were inforce in 2017. The countries indicated above (exceptfor the United States) had more than five regulations.Source: ECIPE and Digital Trade EstimatesThe promotion of the free flow ofinformation is developing afavorable cycle that is creating newtechnical innovations and businessmodels and is improving the qualityof people’s lives.On the other hand, digitalprotectionist moves are alsoemerging,includingimposingrestrictions on the free flow ofcross-borderdataandtheinstallation locations of servers.National regulations related tocross-border data flow haveincreased rapidly over the past 20years.Impact on GDP from introducing data usage iaROK-1.7Viet NamRemarks: The above figures are estimates based on the assumption of the introduction of data usageregulations, including data localization, in all sectors in each country.Source: Prepared by METI from “The Cost of Data Localization: Friendly Fire on EconomicRecovery” (ECIPE).If a country introduces crosssectoral data localization regulation,its GDP is estimated to suffer anegative impact ranging from minus0.7% to minus 1.7% due to suchfactors as a domestic price increaseand a productivity decline caused byan increase in the usage cost of dataprocessing services.4
Part 2 Chapter 2 Rise of emerging and developing economiesRise of emerging and developing economies Since around 2000, emerging and developing economies, especiallyChina, have led global economic growth. The share of emerging and developing economies in global GDP isbecoming around 40%.Changes in the global GDP growth rate(in terms of contribution by country/region)(1990 �別寄与度）Advanced countriesChinaEmerging and developing countries (excluding China)Real gowth rate of global GDP（％）6Concerning the contribution to thereal growth rate of global GDP bycountry/region, the contribution byadvanced countries has beengradually declining since around2000, while the contribution byemerging and developing 2-3Remarks: The contribution by country/region is an estimate based on each country/region’s sharein nominal GDP in the previous year.Source: Prepared by METI based on the database of World Economic Outlook, April 2018 (IMF)Changes in the share of emerging and developing countriesin nominal global GDP (Between 1980 and 2017)(1 trillion dollars)90807045%ChinaEmerging and developing countries (excluding China)Advanced countriesWorldShare of emerging and developing countries (including China) (right axis)40%35%6030%5025%4020%3015%2010%105%00%Nominal global GDP has beengrowing steadily despite temporarydrops due to the Great Recession,among other factors. The share ofemerging and developing countriesin nominal global GDP has beenincreasing since the middle of the2000s and has recently surpassed40%.Remarks: Nominal GDP is on a U.S. dollar basis.Source: Prepared by METI based on the database of World Economic Outlook, April 2018 (IMF)5
Features of economic growth of emergingand developing economiesPart 2 Chapter 2 Rise of emerging and developing economies In emerging and developing economies, fixed capital formation has accelerated since around2003, and in 2016, it has reached 9.5 trillion dollars, almost the same value as in industrializedeconomies. The average contribution to the real growth rate of GDP was 36% between 2003 and2016. In line with the growth in fixed capital formation, emerging and developing economies havesignificantly increased the production capacity of the raw materials industry, providing a contrastto the lack of growth in industrialized economies. Global production capacity for crude steel in2017 was more than double the level in 2000.Changes in the value of fixed capital formation (on a flow basis)in developed and developing economies1 trillion dollarsShare of emerging and developing countries (including China)12Fixed capital formation (in terms ofthe value of domestic investments)in emerging and developingeconomies has been growing since2000, and in 2016, it reached 9.5trillion dollars, almost the samevalue as the value in advancedcountries.10864201980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016Source: UN national accounts main aggregates data (December 2017)Remarks: The classification of advanced, emerging and developing countries is based on the definition in the IMF WEO.Breakdown of the contribution by emerging and developingeconomies to the real growth rate of GDP by expenditure item3.5%Gross capital formationNet export3.0%Since 2003 in particular, thecontribution by emerging anddeveloping economies in terms offixed capital formation has beensignificant.Final consumption expenditureNominal 220132014201520160.0%-0.5%-1.0%Remarks: Real GDP data in 1990 was excluded because statistical data concerning NIS countries were newlyadded, a factor that overrepresents the growth rate.Source: UN national accounts main aggregates data (December 2017)While production capacity for crudesteel has stayed at around 600million tons in developed economiesover the past 17 years, capacity inemerging and developing economiesas a whole has continued to grow. In2017, global production capacityincreased to 2,300 million tons,around 2.3 times as large as thecapacity in 2000.Changes in global production capacity for crude steel1 million tons2500Advanced countriesEmerging and developing countries (excluding China)China200015001000Among emerging and developingeconomies, China has increased itsproduction capacity markedly.50002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Remarks: The definition of advanced countries is based on the IMF’s definition.Source: OECD Stat2011201220132014201520166
Chronology of the excess production capacityin China’s steel industryPart 2 Chapter 2 Rise of emerging and developing economies(i) Period of “imports surpassed exports”: Production capacity for crude steelexpanded through the use of loans from state-owned local banks, while the profitmargin increased(ii) Period of “exports surpassed imports”: The expansion of production capacitycontinued, but the profit margin declined. Subsidies started to increase.(iii) After the reduction of production capacity for crude steel: The profit marginshowed signs of improving.The development of the Chinese steel industry (2001-2016)Long-term Subsidy Production capacityloan (1 billion (1 billion and net exportsdollars) (10 million tons)dollars)522.5120(ii)(i)Production capacity expanded throughloans and the profit margin increased.(iii) （％）15The profit margin declined.101050-2.5-5(i) Between 2001 and 2005, Chinarecorded steel import surpluses. Asbanks increased low-interest loans andsteel companies expanded productioncapacity, the return on assets (ROA)rose from 7% in 2001 to 14% in 2004.00-1-2-100Long-term loans (change from the previousyear)Production capacity for crude steel (changefrom the previous year)Governmental subsidies (fiscal year)-5Around 20 to 70% ofcompanies recorded losses,-10and subsidies increased.Production capacity forNet exports of crude steel from Chinacrude steel decreased.Monetary tightening-20-152001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016Sources: Production capacity: National Bureau of Statistics of China and CEIC Database; net exports of crude steel: WorldSteel Association; long-term loan and government subsidy: annual reports of 33 listed Chinese steel companies.(ii) Since 2006, China has recordedsteel export surpluses, but loans andproduction capacity expansion havecontinued.From 2008 onward, the ROA for steelcompanies stayed below 5%.Subsequently, the steel market slumped.In 2012, around half of all listed steelcompanies recorded operating losses,and in 2015, around 70% did so. In bothyears, governmental subsidies increasedsteeply.(iii) In February 2016, the centralgovernment set the target for thereduction of production equipment andstrictly managed the implementation ofthe target. As a result, the target wasachieved in 2016 and 2017.Targets for the reduction of crude steel production equipment in China and the resultsLong-term targetReduction of 100 to 150 milliontons over five years from 20162016TargetResult45 million tons 65 million tons2017Target2018TargetApprox. 50 million Approx. 30 milliontonstonsRemarks: The target for 2017 was reportedly achieved.Source: The government work report issued at the National People’s Congress, etc.In response to the G20 Leaders’Communique at the Hangzhou Summitin 2016, the Global Forum on SteelExcess Capacity was established.Through the forum, information isexchanged with respect to productioncapacityforcrudesteelandgovernmental support measures inindividual countries.7
Trends by corporate ownership type Part 2 Chapter 2 Rise of emerging and developing economiesMost loans from state-owned banks and support measures such as governmental subsidies areprovided to steel companies owned/controlled by local governments, whose operationalefficiency is relatively low.Changes in the balance of long-term loans at Chinese steel companies(33 listed companies)(1 billion dollars)25Support measures such as loans toproduction equipment investment insteel companies and governmentsubsidies, provided in response tothe sluggish business performancesince 2012, have been overnments.Grand totalState-owned (owned/controlled by the centralgovernment)State-owned (owned/controlled by localgovernments)Private companies201510502000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Remarks: As of the end of 2016, there were 5 companies owned/controlled by the central government, 21 companiesowned/controlled by local governments, and 7 private companies.Source: Annual reports of 33 listed Chinese steel companiesChanges in the value of subsidies received by Chinese steel companies(33 listed companies)(1 million dollars)1,200Grand totalState-owned (owned/controlled by the centralgovernment)State-owned (owned/controlled by local governments)1,000800Private companies60040020002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Most loans and governmentalsubsidies have been allocated tosteel companies owned/controlledby local governments, according toa comparison of three groups—companies owned/controlled by thecentral government, companiesowned/controlledbylocalgovernments, and private companies.However, the allocation of loansand subsidies has not necessarilycontributed to any improvement ofthe companies’ profitability or valueadded. In particular, despite theintensive support they received,managementcapabilityofcompanies owned/controlled bylocal governments has not improved,with their ROA remaining lowerthan other groups’ ROA.Remarks: As of the end of 2016, there were 5 companies owned/controlled by the central government, 21 companiesowned/controlled by local governments, and 7 private companies.The return on assets (ROA) for Chinese steel companies(by corporate ownership type)20(%)Grand totalState-owned (owned/controlled by the central government)State-owned (owned/controlled by local governments)15Private companies10502000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-5-10Remarks 1: As of the end of 2016, there were 5 companies owned/controlled by the central government, 21 companiesowned/controlled by local governments, and 7 private companies.Source: Annual reports of 33 listed Chinese steel companies.8
Part 2 Chapter 2 Rise of emerging and developing economiesPossibility of a new excess capacity China’s integrated circuit (IC) industry has rapidly increased capital investmentthrough governmental support. This is similar to the situation in the period (i)“imports surpassed exports” in the steel industry, but capital investment has not yetled to a profitability improvement. As a new support tool, industry development funds have emerged. There is a risk that an excess production capacity problem may occur in the future.In 2014, the Chinese governmentformulatedtheNationalICDevelopment Guidelines.Increase in the value of fixed assets, value of governmental subsidies,and profit margin of IC-related companies(1 million dollars)The value of investments by the National IC Industry Development Fund (fiscal year)Value of governmental subsidies (fiscal year)Value of fixed assets (change from the previous year)Long-term loan (change from the previous year)ROA (return on assets) (right 20162017Remarks 1: The ROA is obtained by dividing the total value of operating profits of the 19 IC-related listed companiesin China by the total value of assets. The ROA in 2009 was -12.4%.Source: Annual reports of the 19 IC-related listed companies in China.Changes in the number of industry investment fundsand the total fund value(Number of funds)(100 million yuan)1,8009,0001,6008,000Number of funds (cumulative total) (right axis)Total fund value (100 million 001,0000020142015As a result, in addition to governmentalsubsidies and companies’ borrowings,policy resources including investmentsby investment funds have increasedrapidly since 2014. In line with theincrease, the value of fixed assets rosesteeply between 2015 and 2017.On the other hand, the return on assetsfor companies continued to decline inthe same period.This trend in the Chinese IC industry issimilar to the situation of the Chinesesteel industry in the period of netimport, so there are concerns that anexcess production capacity problemmay occur in the IC industry as well inthe future.7,0001,2002013Based on the guidelines, a nationalinvestment fund specialized in supportfor the IC industry (National ICIndustry Investment Fund) wasestablished in the same year, and thefund has invested around 4 billiondollarsannuallyinIC-relatedcompanies.2016In recent years, industry investmentfunds such as the National IC IndustryDevelopment Fund have played aparticularly significant role as policyfund sources.Since around 2014, the number andvalue of those funds have increasedrapidly, and the funds’ presence as themain policy fund source in China isgrowing.August 2017Source: Database of Zero2IPO Group "Si Mu Tong"9
Comparison between Japan and Chinain terms of governmental supportPart 2 Chapter 2 Rise of emerging and developing economies There is a large difference between the IC industry promotion measures in Japan andChina in terms of the scale of governmental support. The Chinese government’s subsidies for those companies are equivalent in value toaround 2 to 4% of their sales. Meanwhile, the ROA shows a downward trend. The Japanese government’s subsidies for those companies are equivalent in value toless than 0.6% of their sales, at most. Meanwhile, the ROA shows an upward trend.ChinaROA (return on assets)109Ratio of the value of governmental subsidies to sales（％）Notice concerning policy related to thepromotion of development of the ICindustry (State Council; 2011) Enhancement of financial support,including subsidies and loan interestdiscounts, etc.876Guidelines to Promote National ICIndustry Development (StateCouncil; 2014)) Establishment of funds Enhancement of loans Enhancement of financial support,etc.5The Chinese government’s subsidies forcompanies are equivalent in value toaround 2 to 4% of their 200920102011201220132014201520162017Remarks 1: The ROA is the figure obtained by dividing the total value of operatingprofits of the 19 IC-related listed companies in China by the total value of assets.Remarks 2: The ROA was -4.3% in 2008 and -12.4% in 2009.Source: Annual reports of the 19 IC-related listed companies in China.（％）ROA (return on assets)109JapanThe ratio of miscellaneous revenue to salesThe ratio of the value of governmental subsidies to sales of the Super LSI Technology ResearchAssociation8765432Implementation periodof the project under theSuper LSI TechnologyResearch AssociationThevalueofgovernmentalinvestments in the Super LSITechnology Research Associationwas 29.0 billion yen.The value of governmental subsidiesfor companies before and after theimplementation period of theassociation’s project in Japan wasequivalent to less than 0.6% of theirsales at most.101971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984Remarks 1: Data was obtained from the five companies that participated in the Super LSI Technology ResearchAssociation (excluding joint venture companies).Remarks 2: The ROA is the figure obtained by dividing the total value of operating profits of the five companiesby the total value of assets.Remarks 3: Regarding "miscellaneous revenue ("others")", figures in the non-operating revenue column of theprofit and loss statement were used.Remarks 4: The ratio of the value of governmental subsidies to sales for the Super LSI Technology ResearchAssociation is the figure obtained by dividing by four the total value of governmental subsidies in the four-yearproject period, which was 29 billion yen, and then dividing the figure thus obtained by the total sales figure ofthe five companies.Source: Securities reports of the five companies that participated in the Super LSI Technology ResearchAssociation (excluding joint venture companies)Meanwhile, the ROA is trendingupward.10
Change in the driver of China’s economic growthPart 2 Chapter 3 Rapid change in the Chinese economySection 1 Macroeconomic trends In China, consumption has replaced gross capital formation as the largestcontributor to GDP growth. The economy is gradually shifting from the previousinvestment-led growth to a consumption-led one. By industry, the contribution by the information transmission, software andinformation technology services industries, which are growth industries, grew26% in 2017 compared with the previous year.Changes in the contribution by GDP componentsto China’s real GDP growth rate(%)20Net exportsLehman Shock(Sept. 2008)Gross capitalformationFinal consumption15Net exports turned tonegative growth, but capitalformation made up for that.Gross capital formationGDP1050Consumption-5Net exports-102000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Remarks: Regarding the contribution by final consumption, a breakdown of the consumption into government and private consumption is notpublished.Source: The National Bureau of Statistics of China and CEIC database.If GDP is looked at from theviewpoint of demand, the share ofexports in GDP has declined since theGreat Recession and the share ofgross capital formation has decreasedsince the 4-trillion-yuan economicpackage, while the share of finalconsumption has been growingmoderately.If these trends are examined based onthe breakdown of contributions to therealGDPgrowthrate,thecontribution by investment hasdeclined since the Great Recession,while consumption has become themain driver of growth. In that sense,the economy is gradually shiftingfrom investment-led growth toconsumption-led growth.Real GDP growth rate by industry in China (2017)（%）30A look at the real GDP growth rate byindustry in China in 2017 shows thattheinformationtransmission,software and information technologyservices industry recorded anoutstandingly high growth rate of26.0%.26.0%252015106.9%5OthersBusiness servicesInformation andcommunication Real estateFinanceLodging and eateriesAccommodation and Source: The National Bureau of Statistics of China and CEIC database.Wholesale and retailtradeTransportation andtelecommunications ConstructionIndustrialmanufacturingAgriculture, forestryand fisheriesOverall011
Development of new industries in ChinaPart 2 Chapter 3 Rapid change in the Chinese economySection 2 Advance of new industries China was the global No. 1 in terms of EC transactions in 2016 with a totaltransaction value of 23 trillion yuan (around 3.4 trillion dollars). Internet services for consumers are wide-ranging, but the number of usersis rising at a particularly high pace with respect to travel reservations, mealdeliveries, car dispatching and financial services. The scale of the sharing economy has also been growing rapidly, rising47% in value in 2017 compared with the previous year to around 4.9trillion yuan (around 0.73 trillion dollars).Utilization of internet applications by sector in China(as of the end of 2017)（%）(100 million people)8807.27With respect to video, music, shopping,and financial settlement, there are alreadymore than 500 million users.The rate of increase is high withrespect to travel reservations andmeal deliveries.6The number of users57060Rate of increase(right axis)5044033021208.11000Concerning Internet applications, it isestimated that there are more than 500million users with respect to each ofinstant messaging, search engines,video, music, shopping, onlinesettlement.The rate of increase in the number ofusers is high with respect to travelreservations, meal deliveries, cardispatching, and financial services,indicating a rapid market expansion.Rate of increasein the number ofinternet usersRemarks: The rate of increase is on a year-on-year basis. With respect to bicycle sharing, the rate of increase is not available because this itemwas not covered in the previous year’s survey.Source: The 41st Statistical Report on Internet Development in China (January 2018) (China Internet Network Information Center )The scale of the sharing economy (2017)(Unit: 100 million yuan, %)Scale of the marketValue oftransactionShareValue ofRate offundsincreaseprovided700.148.019Housing and lodging1450.370.637Knowledge and 072Production capacity4,1208.425.034Everyday life services13,21426.982.7512Financial Medical careSource: "Report on Development of Sharing Economy 2018" (Sharing EconomyResearch Center, State Information Center and Working Committee on SharingEconomy, Internet Society of China)The sharing economy has emerged asa new type of economic activityconducted via the internet.The scale of the market was around4.9 trillion yuan in 2017, up 47%from the previous year.By transaction value by sector, thetransaction value of financial services,including online financial services,amounts to around 2.8 trillion yuan,accounting for more than half of thetotal.The total v
EC ratio, growth rate, and value of B2C EC market by country (unit: 100 million dollars) Expanding digital trade. Scale of the global cross-border EC market. Part 2 Chapter 1 Expanding digital trade. 2. The scale of the global B2C EC market in 2016 expanded 122% in value from the previous ye
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