China's cross-border e-commerce records exponential growth

In the past five years, China's scale of cross-border e-commerce trade has increased by more than 10 times, People's Daily reported on Tuesday quoting He Yadong, spokesman for the Ministry of Commerce, during a news conference.

In the first quarter of 2024, the cross-border e-commerce trade was 577.6 billion yuan ($79.76 billion), an increase of 9.6 percent year-on-year, of which the export was 448 billion yuan, an increase of 14 percent year-on-year according to the ministry.

Preliminary statistics show there are more than 120,000 cross-border e-commerce entities in the country, at least 1,000 cross-border e-commerce industrial parks, and over 2,500 overseas warehouses with a total area of more than 30 million square meters, of which more than 1,800 overseas warehouses focused on serving cross-border e-commerce with a total area of over 22 million square meters.

Cross-border e-commerce is an effective force in the development of China's foreign trade and an important trend in the growth of international trade. The development speed of cross-border e-commerce, overseas warehouses, and other new foreign trade infrastructure is fast, the growth potential is large, and the driving effect is strong.

The ministry said it will facilitate industrial development, relying on China's 165 cross-border e-commerce comprehensive pilot zones, combined with the industrial endowments and location advantages of various places, to drive more enterprises in the industrial belt to use cross-border e-commerce to participate in international trade.