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Cross-border e-commerce to jump 10 times by 2020

CHINA'S cross-border e-commerce retail transaction is expected to jump more than 10 times to reach US$245 billion by 2020, with more than 64 percent of that coming from incremental growth with picking up of demand for high-quality import goods, according to a joint research by Alibaba and consultancy firm Accenture today.

Global cross-border e-commerce retail transaction is expected to rise to US$994 billion by 2020, with Asia Pacific region contributing as much as 48 percent of total value, thanks to developed fixed Internet network and high adoption of smartphones, the study shows.

Chinese Premier Li Keqiang told a State Council executive meeting on Wednesday that domestic companies shall also better leverage cross-border e-commerce programs to sell to overseas markets to boost economy and to help create jobs. 

China will optimize custom clearance processes, give tax reduction and exemption, encourage cross-border electronic payment to boost the development of cross-border e-commerce, according to the statement from the State Council executive meeting.

Government authorities have been encouraging the adoption of cross-border e-commerce and last year allowed seven cities including Shanghai, Guangzhou, Chongqing and Hangzhou to carry out a pilot cross-border e-commerce program where retailers can deliver their imported goods to consumers directly from bonded areas inside China for simplified customs clearance procedure.   


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