China has enacted several measures on Friday to support the growth of cross-border e-commerce and overseas warehousing sectors, committing to providing increased financial backing to enhance the development of pertinent infrastructure and logistics systems.
During an executive meeting of the State Council, China’s Cabinet, a policy document was approved to expand exports through cross-border e-commerce channels and promote the establishment of overseas warehouses.
Chaired by Premier Li Qiang, the meeting underscored the importance of cross-border e-commerce and overseas warehouses in optimizing trade structures and expanding China’s foreign trade volume.
A summary of the meeting stated, “This move will contribute to the cultivation of new competitive advantages in China’s global economic collaboration.”
Key initiatives include fostering more entities involved in cross-border e-commerce and assisting traditional foreign trade enterprises in leveraging their potential within the sector.
Efforts to train talent in cross-border e-commerce will be intensified, and additional platforms will be provided to sector businesses to showcase their products and establish global partnerships, as outlined in the summary.
Encouragement will be given for businesses in the sector to build their brands. The government will streamline its oversight and services, actively participate in standard and rule formulation, and enhance international cooperation, according to the summary.
The meeting emphasized the importance of promoting self-regulation in the sector, fostering orderly competition, and empowering the development of both upstream and downstream segments of industrial chains.
According to the General Administration of Customs, China’s total import and export value through cross-border e-commerce channels reached 2.38 trillion yuan ($328.57 billion) in 2023, marking a 15.6 percent year-on-year growth rate.
The administration reported that the number of consumers engaged in cross-border e-commerce imports totaled 163 million last year.
