Enhanced e-commerce exports prioritized

China adopted a host of steps on Friday to shore up the development of the cross-border e-commerce and overseas warehousing sectors, pledging stronger financial support to bolster the development of relevant infrastructure and logistics systems.

An executive meeting of the State Council, China's Cabinet, passed a policy document to expand exports via cross-border e-commerce and advance the development of overseas warehousing.

The meeting, presided over by Premier Li Qiang, emphasized the significance of cross-border e-commerce and overseas warehouses in optimizing the structure and increasing the scale of China's foreign trade.

Such a move will help shape new strengths in China's global economic cooperation, said a summary of the meeting.

Key measures adopted include cultivating more entities engaged in cross-border e-commerce and supporting traditional foreign trade enterprises to tap into their potential for the sector.

The training of talent in cross-border e-commerce will be stepped up, and more platforms will be offered to businesses in the sector to exhibit their products and develop global partnerships, the summary said.

Brand building of businesses in the sector will be encouraged. The government will optimize its oversight and services, proactively engage in the formulation of standards and rules, and boost international cooperation, the summary said.

The meeting stressed the importance of enhancing self-discipline in the sector, promoting orderly competition, and empowering the development of both the upstream and downstream segments of industrial chains.

According to the General Administration of Customs, China's total import and export value via cross-border e-commerce reached 2.38 trillion yuan ($328.57 billion) in 2023, marking a year-on-year growth rate of 15.6 percent.

The number of consumers engaged in cross-border e-commerce imports totaled 163 million last year, the administration said.