Shanghai Municipal Government Unveils Action Plan to Boost Cross-Border E-commerce Development
The Shanghai Municipal Government recently held a press conference to announce the “Shanghai Action Plan for Promoting the High-quality Development of Cross-Border E-commerce (2023-2025).” This plan aims to create a first-class business environment and establish a new development pattern for cross-border e-commerce.
According to the plan, Shanghai aims to lead the country in cross-border e-commerce by 2025. The city intends to enhance the energy level, professional services, innovative elements, and business environment of cross-border e-commerce. Shanghai also plans to build a comprehensive functional hub for cross-border e-commerce, with a high concentration of main bodies, efficient innovation elements, and a complete industrial ecology. Additionally, the city aims to attract global leading enterprises and platforms in cross-border e-commerce.
Shen Weihua, deputy director of the Shanghai Municipal Commission of Commerce, outlined the plan’s 18 key tasks in five areas. The plan emphasizes the cultivation of cross-border e-commerce main bodies and encourages leading companies to establish headquarters in Shanghai. It also provides support for customs clearance, taxation, foreign exchange, and credit insurance for high-quality cross-border e-commerce companies. The plan further supports the registration of overseas trademarks and patents for cross-border e-commerce brand enterprises. Moreover, cross-border e-commerce platforms will be encouraged to facilitate quick entry approval and traffic support for traditional foreign trade companies.
The plan also focuses on model innovation and the fostering of new drivers of growth. It advocates for the implementation of postal routes for cross-border e-commerce and supports investments in software and hardware for cross-border e-commerce supervision sites. It also includes measures to support the retail import of pharmaceuticals and medical devices via cross-border e-commerce. Cross-border e-commerce professional service enterprises will be vigorously cultivated, including those involved in website operation, software development, international logistics, and cross-border settlement. The plan also supports the transportation of export goods and returned re-export goods overseas in one package and promotes the connection of cross-border e-commerce companies with China Railway Express. Additionally, a cross-border e-commerce logistics matching service platform covering seaports and airports will be established.
In recent years, cross-border e-commerce in Shanghai has shown significant growth. Data reveals that in 2022, the city’s import and export of cross-border e-commerce reached 184.1 billion yuan, representing a year-on-year increase of 38.6%. In the first half of this year, cross-border e-commerce import and export stood at 141.96 billion yuan, reflecting a year-on-year growth of 84.0%. The market for cross-border e-commerce imports in Shanghai spans 174 countries and regions, while the market for exports encompasses 226 countries and regions. Such figures indicate that Shanghai has successfully enabled companies to engage in global trade.
Shi Liya, director of the cross-border RMB business department at the Shanghai Headquarters of the People’s Bank of China, highlighted the support for cross-border e-commerce. In the first half of this year, RMB settlements conducted by payment institutions in Shanghai for cross-border e-commerce surged by 37.5% year-on-year, accounting for over 50% of domestic and foreign currency receipts and payments. The future focus will be on increasing policy support, promoting the development of cross-border RMB business, implementing cross-border RMB business policies, and intensifying bank business supervision.
The Shanghai Headquarters of the People’s Bank of China pledged to provide continued support for cross-border e-commerce RMB businesses. The institution aims to leverage cross-border RMB settlement services to serve the real economy, facilitate trade and investment, and support the development of new foreign trade formats. It also plans to support Silk Road e-commerce cross-border trade through free trade accounts and RMB settlements. Furthermore, domestic banks will explore cooperation with overseas payment institutions to offer comprehensive financial services for Silk Road e-commerce. The institution intends to increase policy publicity to further promote the high-quality development of cross-border e-commerce in Shanghai.
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