Cross-border e-commerce to boom
Print Edition
CHINA’S cross-border e-commerce retail transactions are set to jump more than 10 times to US$245 billion by 2020, with over 64 percent coming from incremental growth as demand for high-quality import goods rises, a joint research showed yesterday.
Global cross-border e-commerce retail transactions are likely to post a compound annual growth rate of 27.3 percent to US$994 billion by 2020, with the Asia-Pacific region contributing 48 percent of the total value due to a developed Internet network and high use of smartphones, the joint research by Alibaba and consultancy firm Accenture said.
The growth rate in the global cross-border e-commerce dealings is expected to surpass the 14.6 percent rise for overall e-commerce retail transactions, according to the study.
China will optimize custom clearance processes, cut tax and offer exemption, and encourage electronic payment to boost the development of cross-border e-commerce, according to a statement from a State Council executive meeting yesterday.
Premier Li Keqiang told the meeting that domestic companies should also better leverage cross-border e-commerce programs to sell to overseas markets to boost the economy and help create jobs.
The authorities have been encouraging the adoption of cross-border e-commerce and since 2013 has let seven cities, including Shanghai, Guangzhou, Chongqing and Hangzhou, try a pilot cross-border e-commerce import program.
The scheme allows retailers to deliver imported goods to consumers directly from bonded areas in China.
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