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Online free trade
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THE Hangzhou government is discussing the creation of an online free trade zone with the central government, Vice Mayor Xie Shuangcheng said at the 14th Joint Meeting of Mayors of Yangtze River Delta Cities in Yancheng, Jiangsu Province.
The online free trade zone will be based at the headquarters of Chinese e-commerce giant Alibaba Group. Xie said Alibaba signed a strategic cooperation agreement last December to base its global headquarters in Hangzhou.
Xie said China’s e-commerce market totaled 10 trillion yuan (US$1.6 trillion) last year, surpassing that of the United States for the first time. Hangzhou became one of the first Chinese cities to test cross-border e-commerce.
The vice mayor said cross-border e-commerce will be a breakthrough for the online free trade zone, which can complement the Shanghai Pilot Free Trade Zone.
The planned online free trade zone will include a data-sharing, financial services system, intelligent logistics and e-commerce credit system, Xie added.
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