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China to Accelerate Cross-Border e-Commerce Activity

Beijing aims to increase activity by cross-border e-commerce merchants in an attempt to buoy China’s economy by expanding the country’s exports.

China’s Ministry of Commerce spokesperson He Yadong stated on May 30th that the Ministry is working to finalize a policy titled “Opinions on Expanding Cross-Border E-Commerce Exports and Promoting the Construction of Overseas Warehouses.” The policy’s goal will be to accelerate the development of cross-border e-commerce.

In the first quarter of 2024, China’s total import and export volume for cross-border e-commerce reached 577.6 billion yuan (US$80 billion), an increase of 9.6 percent. Of this volume, exports accounted for 448 billion yuan, a 14 percent increase. Preliminary statistics from various regions indicate that China has over 120,000 cross-border e-commerce entities, more than 1,000 cross-border e-commerce industrial parks, and over 2,500 overseas warehouses with over 30 million square meters of storage.

Source: Xinhua, May 31, 2024