China may embrace another boom in cross-border e-commerce, after issuing a series of policies set to expand imports into the country.
A merchat shows bread from Estonia at the 4th China- Central and Eastern European Countries (CEEC) Investment and Trade Expo
The faster pace of opening up not only offers new choices for domestic consumers, but also attracts the attention of global merchants.
The 4th China- Central and Eastern European Countries (CEEC) Investment and Trade Expo kicked off in Ningbo, eastern China’s Zhejiang province on June 8.
The event attracted 257 exhibitors from the CEEC, introducing nearly 1,000 different products in 15 major categories. In the 8,400-square meter exhibition hall, drinks, cakes, and chocolate from Latvia, as well as wine and olive oil from Hungary were all favored by Chinese buyers.
“Agricultural products such as red wine, dairy products, oats and canned fish are very popular in China,” a CEEC exhibitor told Economic Information Daily. He said China’s growing consumption has led to larger domestic demand for quality, pollution-free food.
The 4th China- CEEC Investment and Trade Expo is just one example of China’s expansion in openness and global merchants are running to China in search of opportunities.
China’s State Council announced a decision to lower most-favored-nation (MFN) tariffs for 1,449 taxable daily consumer goods starting July 1, said Li Mingtao, director of the Academy of China International Electronic Commerce Center. It’s an important measure to expand import and promote trade balance, the director added.
“Thanks to such favorable policies, CEEC countries have seen an increase in export volume to China. China-Europe freight trains have largely improved the freight load factor for return trips and reduced transportation costs, thus further strengthening trade cooperation between China and the CEEC,” said an organizer of the 4th China- CEEC Investment and Trade Expo. The organizer added that this tariff cut will benefit both foreign suppliers and their Chinese agents.
In addition, the continuously deepening international cooperation in e-commerce will also contribute to the next expansion of e-commerce in China.
At the Third Ministerial Conference of China-CEEC on Promoting Trade and Economic Cooperation on Jun. 7, China proposed working together to optimize the e-commerce development environment. 16 CEECs have already responded to the proposal expressing support.
The move will definitely push forward the development of cross-border e-commerce, said Cui Junjie, general manager of the Tianjin district of Kaola.com, an international e-commerce platform in China. He said with more imported goods flooding in, their general price level will go down, thus offering more choice to consumers. He added that cross-border e-commerce, as a new form of industry in the import business, will also benefit from it.