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Agricultural Development Bank of China
Local

Cross-border e-commerce sees fast growth in Hainan

September 11, 2020


Abstract : The development of Hainan Free Trade Port has boosted cross-border e-commerce. Total import value reached 210 million yuan ($30.7 million) in the first eight months of this year, according to Haikou Customs.

HAIKOU -- The development of Hainan Free Trade Port has boosted cross-border e-commerce. Total import value reached 210 million yuan ($30.7 million) in the first eight months of this year, according to Haikou Customs.

From January to August, customs officials approved a total of 483,000 bonded import declarations for cross-border online shopping, more than a ninefold increase year-on-year. The monetary value of the declarations was 210 million yuan, an increase of 15.9 times year-on-year.

China released a master plan for the development of the free trade port on June 1. It provided a long list of opening-up policies aimed at building Hainan Island into a globally influential free trade zone by mid-century. Hainan is about 49 times the area of Singapore.

Monthly volume of cross-border e-commerce in June reached its highest level since the business was launched in Hainan province.

Foreign companies have expressed increasing interest in cooperating with Hainan's cross-border e-commerce companies following the release of the master plan. It is expected that in the future, Chinese consumers will be able to purchase a richer variety of goods through cross-border e-commerce in the Hainan port, Xinhua News Agency reported.

Officials of Haikou Customs said they will continue to make policy innovations in line with the master plan to boost growth of cross-border e-commerce and help accelerate development of Hainan as an international tourism consumption center.

(Source: chinadaily.com.cn)

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