If businesses choose not to open such an account, the income arising from trade in goods will be subject to bank review, and then be able to have direct access to the foreign exchange account. Regarding the scope of the pilot scheme, no specific cities were mentioned; instead, the application of the policy will depend on the actual needs of the locality to be decided and announced later by the government bureau. Please contact info@dezshira.com or visit our website at www.dezshira.com. The announcement states that foreign investment enterprises that do not engage in investment activities are allowed to make domestic equity investment with capital fund on the premise of not violating the current special administrative measures for foreign investment access (2019 Negative List) and that the projects invested in China are verified and compliant. With the rise of Alipay and WeChat Payment, there are now two clear alternatives: Alipay cross-border and WeChat Payment cross-border. As part of the “China Online Trade Fair Series”, DHgate, China’s leading B2B cross-border eCommerce marketplace, is organizing China (Suzhou) Online Trade Fair from November 26 th, 2020 to February 25 th, 2021. Cross-border e-commerce trade has been flourishing in China, with turnover rising 80.6 percent from a year earlier to 90.24 billion yuan last year. In France, cross border purchases are the fastest growing ecommerce segment with nearly half of all French consumers buying from cross border merchant. Trade volume of China's export cross-border e-commerce players 2011-2019 Number of cross-border online shoppers in China 2016-2020 Growth rate of cross-border online shoppers in China 2014-2017 China’s leaders emphasize the importance of increasing imports to facilitate both internal and external rebalancing. By cross-border, I mean those channels such as Tmall Global or JD Worldwide, which allow foreign brands to sell to Chinese consumers from outside of mainland China, be … The new announcement covers 12 facilitation measures, which ease the controls surrounding cross-border trade and investment financing requirements and aims to provide a better business environment for domestic enterprises and overseas investors. It was decided at the meeting that the pilot reform of foreign exchange receipts and payments facilitation will be expanded. Enterprises will make their own decisions on whether or not to set up verification accounts. In addition, the following measures will be implemented to facilitate the foreign exchange receipts and payment for goods trade: These measures were previously piloted in Shanghai, Zhejiang, and Guangdong-Hong Kong-Macau Greater Bay Area, but now will be extended to all provinces in the country. The number of foreign trade companies kept increasing. Enterprises may now be under an even stricter scanner with initial transactions subject to more detailed investigation from the bank before a trusted relationship is built between the bank and the enterprises. Alibaba and e-commerce service provider Youzan both released their earnings reports for … Cross-border RMB finance and trade. As incomes in the country have risen, so has the demand for imported goods. Policies on export tax rebate and credit-based insurance will be further improved. "Given the increasing complexity on global financial markets, it is important to guard against the risks in cross-border capital flows and maintain financial stability. The pilot program that facilitates revenue payments under capital accounts will be expanded. By cross-border, I mean those channels such as Tmall Global or JD Worldwide, which allow foreign brands to sell to Chinese consumers from outside of mainland China, be … Most Pakistani traders in Xinjiang cannot afford to ship containers through the Khunjerab Pass and rather carry the goods purchased in China with them on the daily buses to Sost, Pakistan, thus avoiding customs duties. BEIJING, Oct. 23 (Xinhua) -- China will introduce more measures to better facilitate cross-border trade and investment, including improving foreign exchange management and further streamlining regulatory requirements with a view to attracting foreign investors with a more enabling business environment. Located on the border of China and Kazakhstan, the China-Kazakhstan Horgos International Border Cooperation Center is the only cross-border trade center in the world. China’s foreign exchange control regime concerns all cross-border transactions to a greater or less extent and often plays an important role in driving transaction structures and financing arrangements for … Banks can now handle the foreign exchange relating to the trade of goods and services for enterprises with good credit, according to three principles of “understanding customers”, “understanding business,” and “due diligence.”. Cross-border, on the other hand, is defined as the direct import of goods from outside China through special cross-border e-commerce platforms and the preferential policies of special economic zones or warehouses (free trade zones). However, transit trade value with China expanded during the first five months of 2020 at 90.74 billion baht, up 15.74 per cent year-on-year. If the income declaration form of the to-be-verified account is required to be submitted to the foreign exchange bureau under the current rule, the enterprise may be exempted from this step in the future. Despite the halt of global physical trade fairs due to the COVID-19 pandemic, a surging international trade demand is observed. Sorry, your blog cannot share posts by email. Cross-border trade in Heihe, China's northernmost free trade area adjacent to Russia's Blagoveshchensk, has remained stable this year. The firm assists foreign investors throughout Asia and maintains offices in China, Hong Kong, Indonesia, Singapore, Russia, and Vietnam. While tit-for-tat tariffs risk an all-out trade war between the U.S. and China (see footnote 1), trade "skirmishes" have sprung up in foreign investment. Get an overview on the players in the Chinese cross-border e-commerce ecosystem and learn how to choose the right trade partner. The table below shows how China has improved on Trade Across Borders from 2018 to 2019. It is also a principle that we've long followed," Li said. and grow their operations. This is crucial for the overall stability of the macro economy. To stimulate imports and consumption, Beijing tested a series of policies, starting in the Shanghai Free Trade Zone (FTZ) in 2015, to facilitate cross-border e-commerce trade. 08.10.2020 How to Work with a Trade Partner on a Cross-Border E-Commerce Platform in China Due to the COVID-19 pandemic, the enforcement of social distancing, lockdowns and other measures has driven up the demand for online shopping in China. Deposit and reduces the capital occupation of foreign exchange settlement in the Chinese cross-border e-commerce has!, Dongxing provides a major boost for the list of foreign exchange funds as deposit and reduces the capital of... Their net assets at the State Council 's executive meeting, chaired by Li... 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