Chinas ecommerce industry has been booming in recent years, with companies like Alibaba Group and JD.com benefiting from a rising middle class with more disposable income, businessinsider.com reports. The government has released policy guidelines that include tax policies aimed at boosting domestic consumption and pilot projects to ease overseas payments, according to a statement released by the central government.
Chinese ecommerce firms will be given state support on international projects while credit insurance services will also be introduced. Customs will streamline clearance of goods and quality supervision agencies will allow collective declaration, examination and release of goods. There will be tax sweeteners on ecommerce retail exports and settlement of payments in CNY will be promoted.
The policy document follows after the recent announcement that China will allow full foreign ownership of some ecommerce business to boost competitiveness. Cross-border ecommerce has reaped a turnover of USD 3.32 billion since China piloted cross-border foreign exchange payments in 2013, with trade volume in the first five months of 2015 near the total value of the whole of 2014, the source reports citing Xinhua which, in turn, cites the State Administration of Foreign Exchange.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now