Xi Jinping, President of China (Photo: Reuters)
China on Tuesday issued draft rules to promote the construction of overseas warehouses and expand cross-border e-commerce businesses, which China’s Ministry of Commerce said has become a crucial force in its foreign trade.
Companies like Shein, PDD Holdings’ Temu and Alibaba’s AliExpress, which ship mainly Chinese-made products “cross-border” to markets around the world, have grown rapidly in recent years.
This has opened a new avenue of growth for some companies that previously focused on domestic consumption, but which continues to be dampened by a macroeconomic slowdown, a prolonged real estate crisis and income uncertainty.
The Commerce Ministry’s announcement, which covered draft rules for both inbound cross-border e-commerce and outbound, said it would also seek to improve cross-border data management and optimize supervision of cross-border exports.
National ministries and government departments will smooth financing channels and help cross-border e-commerce companies “go global,” the ministry said.
Xi promises to create a globally competitive environment for technological innovation
Chinese President Xi Jinping has pledged to promote a globally competitive, open environment for scientific and technological innovations and expand international exchanges and cooperation, state media reported on Tuesday. The comments come as the country tries to nurture new growth engines as it tries to restore business confidence after prolonged weakness in the real estate sector. During his speech at the meeting of the Chinese Communist Party’s Central Committee for Comprehensive Deepening Reforms, Xi pledged to create an open environment for technological innovation.
First print: June 11, 2024 | 11:22 PM IST