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March 16, 2016

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Home » Business » Finance

FTZ sets up area for e-commerce

By Vera Ye | March 16, 2016, Wednesday | Print Edition

THE regulator for Shanghai’s pilot free trade zone has pledged to improve services for cross-border e-commerce by setting up a demonstration area for that effect.

Covering Waigaoqiao, Yangshan port and the Pudong International Airport, the demonstration area is the first of its kind in China after authorities approved 12 cities in January to set up cross-border e-commerce pilot zones.

Wang Xinling, deputy director of China (Shanghai) Pilot Free Trade Zone Administration, said they will join hands up with inspection and quarantine, foreign exchange and taxation departments to boost efficiency and lower the costs of clearance for customers.

The regulator will also promote the development of finance, logistics and business consulting services in the area to cultivate an ecosystem of cross-border e-commerce, Wang said.

Six trading and logistics companies, including Shanghai Waigaoqiao International Trading Operation Center Co, Shanghai Waigaoqiao Logistics Center Co, Shanghai FTZ United Development Co, will undertake the construction and operation of the demonstration area.

Companies like JD.com and Suning Commerce Group Co yesterday signed agreements to set up businesses in the area.

Chinese demand for foreign goods has fueled a boom in cross-border e-commerce.

Kuajingtong, the first platform for online purchasing of imported goods in the FTZ, has attracted more than 400 vendors, with the number of orders reaching 10,000 daily.

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