BEIJING, June 15 (Xinhua) -- The General Administration of Customs (GAC) of China announced recently that it will carry out trials of two new ways of supervision on cross-border e-commerce exports in Beijing Customs, Tianjin Customs, Nanjing Customs and other seven customs to further stabilize foreign trade, reported Shanghai Securities News Monday.
To be implemented on July 1 this year, the two new ways of supervision are respectively coded "9710", cross-border e-commerce Business-to-Business (B2B) direct export for short, and "9810", cross-border e-commerce export overseas warehouses for short.
"9710" is applicable to goods directly exported by cross-border e-commerce B2B, while "9810" is applicable to goods in overseas warehouses of cross-border e-commerce exports.
The trials are conducive to boosting the general trade exports during the COVID-19 epidemic prevention and control as most of the ten customs in this pilot are in coastal areas boasting large demands for B2B exports, said Li Yi, a research assistant with the Research Institute of E-commerce of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce of China.
The new policy will promote the digital development of general trade, boosting the transformation and upgrading of foreign trade, added he.
The exclusive supervision way for cross-border e-commerce B2B will help provide better customs clearance services and improve the logistics distribution of cross-border e-commerce export goods nationwide, Li also noted.
The addition of the two new ways of supervision is also of great significance for the customs to calculate the scale of cross-border e-commerce with full caliber, said experts.
The new ways has promoted the incorporation of the statistics of cross-border e-commerce B2B into the independent statistics of the customs, making up for some deficiencies in statistics of cross-border e-commerce, said Wang Jian, a professor of the School of International Trade and Economics with the University of International Business and Economics (UIBE).
Actually, affected by the epidemic, a number of large foreign trade enterprises have carried out B2B exports through cross-border e-commerce platforms.
"China's cross-border e-commerce B2B transaction amount this year is expected to take up more than half of the global B2B transaction amount," said Hong Tao, director of the Institute of Business Economics with Beijing Technology and Business University (BTBU).
The COVID-19 epidemic has blocked the development of global economy and trade, however, boasting the advantage of indirect contact, cross-border e-commerce in China is likely to reap a transaction amount of 12 trillion yuan in 2020, up 16 percent, he noted. (Edited by Gu Shanshan with Xinhua Silk Road, email@example.com)