China to enhance service capabilities of cross-border e-commerce

China will enhance the service capabilities of cross-border e-commerce businesses and promote the high-quality growth of overseas warehouses to further optimize its foreign trade structures and create new advantages in international economic cooperation, according to a policy guideline released by the Ministry of Commerce on Tuesday.

The government will make coordinated use of existing financial channels to support the development of businesses involved in overseas warehouses, according to a statement released by the ministry's department of foreign trade.

The new policy, jointly released by nine government branches including the Ministry of Commerce and the National Development and Reform Commission, encourages local authorities to use existing equity investment fund resources to explore the establishment of industry development funds in a market-oriented manner, as well as strengthen support for overseas warehouse operators.

China will encourage qualified cross-border e-commerce companies to build sale networks and brand operation centers in overseas markets, and enhance brand cultivation capabilities to expand their global presence, said the guideline.

By the end of May, China had more than 120,000 cross-border e-commerce entities, over 1,000 cross-border e-commerce industrial parks, and over 2,500 overseas warehouses covering a total area of over 30 million square meters, data from the Commerce Ministry showed.

Among them are more than 1,800 overseas warehouses covering 22 million square meters for cross-border e-commerce trade.