[040520.EN.BIZ] China Says Pilot Zones For Cross-border e-commerce Will Revive Trade

CHINA will build 46 new pilot zones for cross-border e-commerce around the country to help revive its pandemic-hit foreign trade, the State Council's executive meeting chaired by Premier Li Keqiang has announced.

On top of 59 existing ones, companies in the 46 new integrated pilot zones will enjoy support policies including exemption of value-added and excise taxes and more favourable corporate tax rates, reported Hong Kong's South China Morning Post.

"Tackling the economic impact of the outbreak abroad is a pressing task. With the tight containment measures introduced across countries, foreign trade and investment is on a downwards path," said Premier Li.

"We must accelerate the development of cross-border e-commerce and other new models to boost foreign trade and investment."

The fast growth of cross-border e-commerce in recent years has become a new highlight in the country's foreign trade. Retail sales at China's cross-border e-commerce businesses recorded a 38.3 per cent increase and reached CNY186.21 billion (US$26.4 billion) in 2019, contributing five per cent of the country's overall foreign trade growth last year, according to data from the General Administration of Customs.

Source : HKSG.