By Reuters | Updated: June 11, 2024
BEIJING, June 11 (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’ (PDD.O) Temu and Alibaba’s (9988.HK) 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.
@ Thomson Reuters 2024
