BEIJING (Reuters) – China on Tuesday issued draft rules to promote construction of overseas warehouses and expand cross-border e-commerce businesses, which have become a vital force in its foreign trade, according to the Chinese commerce ministry.
Companies including Shein, PDD Holdings’ Temu and Alibaba’s AliExpress, which predominantly ship made-in-China products “cross border” to markets around the world have been rapidly growing in recent years.
This has opened a new avenue for growth for some firms previously focused on domestic consumption, which remains muted by a macroeconomic slowdown, prolonged property crisis and income insecurity.
The commerce ministry’s announcement, which covered draft rules for both inbound cross-border e-commerce as well as outbound, said it would also seek to improve cross-border data management and optimise the supervision of cross-border exports.
National ministries and government departments will smooth financing channels and help cross-border e-commerce companies to “go global”, the ministry said.
Additionally, they seek to foster a more conducive environment for international trade. As a result, businesses can expect smoother processes and increased opportunities for growth.
The draft rules issued by China underscore the country’s commitment to fostering innovation and economic development.
They pave the way for enhanced cooperation and collaboration between Chinese and international businesses. As a result, cross-border e-commerce is poised to become even more dynamic and vibrant.
Furthermore, these rules demonstrate China’s commitment to upholding international trade standards and promoting fair competition. As the world increasingly relies on digital commerce, China’s efforts to enhance cross-border e-commerce are timely and impactful.
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