MOFCOM and other departments issue opinion on the development of cross-border e-commerce exportsFinancial news

China’s Ministry of Commerce (MOFCOM) and other 8 departments recently published an opinion paper on expanding cross-border e-commerce exports and promoting the construction of overseas warehouses.

The opinion sets out policy measures to actively develop cross-border e-commerce operators, increase financial support, strengthen the construction of related infrastructure and logistics systems, optimize supervision and services, and actively develop the design of standards and rules and international cooperation. According to MOFCOM, the opinion aimed to expand cross-border e-commerce exports, optimize the deployment of overseas warehouses and accelerate the cultivation of new dynamics in foreign trade.

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The opinion calls for promoting leading cross-border e-commerce companies to improve information exchange, encouraging financial institutions to make full use of relevant enterprise information, and to enable supply chain financial services in line with laws and regulations to better empower enterprises to develop industrial chains upstream and downstream.

Leading cross-border e-commerce companies are encouraged to actively use new technologies and tools such as big data analytics, cloud computing and artificial intelligence to improve the efficiency of data analytics, research and development, marketing services and supply-demand matching, assuming compliance with domestic and foreign legal regimes.

The opinion also proposes promoting high-quality development of overseas cross-border e-commerce warehouses and coordinating the use of existing financing channels to support the development of cross-border e-commerce enterprises abroad. The China Trade in Service Innovation Investment Fund will be used to channel greater social capital to support the development of cross-border e-commerce warehouses abroad and other related enterprises in a market-oriented manner.

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Moreover, regions with favorable conditions are encouraged to make good use of existing capital investment fund resources and consider the possibility of establishing industrial development funds in a market-oriented manner to strengthen support for cross-border e-commerce enterprises engaged in overseas warehousing.

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