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Chinese enterprises' spending on digitalization services and products is expected to exceed 1 trillion yuan (2.9 billion) for the first time this year, as companies accelerate digital transformation while battling COVID-19, a new report said.

Chinese demand makes up more than 70 percent of that market, with its businesses manufacturing the raw material into an increasingly wide variety of products such as sportswear and shoes beyond traditional garments, said Carmody.

Chinese enterprises need to improve the ability to recognize risk, guarantee safety and solve disputes, Shen said.

Chinese merchants wishing to expand internationally should consider entering those e-commerce markets with the fastest annual compound growth rates, such as India, Malaysia, Turkey or the Philippines.

Chinese commercial counselor to Zimbabwe Li Yaohui confirmed the release of the funding.