China’s cross-border e-commerce new driving force for
Web Editor:International Daily
As one of the fast-growing forms of foreign-trade business, cross-border e-commerce has gained huge momentum and become a new driving force for China's economic recovery amid the COVID-19 pandemic.Cross-border e-commerce, featuring online marketing, online transactions and contactless payment, has boomed in China over the past few years, particularly during the past two years when the pandemic impeded business travel and face-to-face contact.According to data from Ministry of Commerce, cross-border e-commerce took up 4.6 percent of China's total export volume in the first quarter of this year, up from less than 1 percent in 2015.From January to March, China's e-commerce export to traditional markets like the U.S. and Australia maintained rapid growth, up by 97.9 percent and 1.4 times higher year on year. Meanwhile, new markets like the ASEAN countries, Belt and Road Initiative participating countries also witnessed a surge of 98.5 percent and 92.7 percent respectively.Commodities of cross-border e-commerce cover a variety of goods, from clothes and accessories to digital and smart products with higher added value. In the first three months of 2022, the export value of semi-conductors and integrated circuits soared 95.4 percent and 1.8 times higher year on year.Private companies are playing an important role in cross-border e-commerce, accounting for 97.5 percent. Some traditional manufacturing companies are also grasping the opportunity to expand their overseas markets and accelerate digital transformation.