China plans to increase support for cross border e-commerce, as the country’s economy moves from manufacturing to higher value services and the technology industry, the government says.
The country’s e-commerce sector has been on a roll in the last few years, especially concerning companies such as Alibaba, who is benefiting from a growing middle class with more disposable income.
China boosts e-commerce
On Saturday, the Chinese government released guidelines and policies to boost domestic consumption and several pilot projects to ease overseas payments, said a statement on the central government’s website.
Chinese e-commerce companies will also be given support from the state on international projects, and credit insurance will also be introduced. Customs are also planning to streamline goods clearance, and quality supervision agencies will now allow collective declaration, examination and release of goods.
There will also be some new tax incentives on e-commerce exports and settlement of payments in yuan will also be promoted.
The document follows an announcement on Friday that China will soon allow full foreign ownership of some e-commerce businesses, to promote competitiveness.
Cross border e-commerce has produced a turnover of more than $3.3 billion since China first toyed with cross border foreign exchange payments in 2013.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.