BEIJING, Nov. 28 (Xinhua) – China will before long release details of a new strategy on permitting more cross-border e-commerce purchases, the Economic Data Every day has reported.
Some 63 categories of items will be added to the rundown of obligation free merchandise through cross-border e-commerce stages, covering more extreme demand consumer merchandise, for example, electronics, little home appliances, nourishment and healthcare items, as indicated by the newspaper.
Products on the rundown have so far enjoyed zero duties inside a set standard and had their import Tank and consumer charge collected at 70 percent of the statutory taxable sum.
From Jan. 1, 2019, the yearly standard on cross-border e-commerce purchases for individual buyers will rise to 26,000 yuan (around 3,741 U.S. dollars) from 20,000 yuan, as indicated by a meeting of the State Board held earlier this month.
The tax-exempt cutoff points on single exchanges will increase to 5,000 yuan from 2,000.
The new strategy will be applied to cross-border e-commerce pilot zones in another 22 cities including Beijing, Nanjing and Shenyang.
“The new strategy will support confidence of cross-border e-commerce companies, since it enhances approach certainty,” Zhang Li, a researcher with the research institute of the Service of Commerce (MOC), told the newspaper.
“The expanded share will win back consumers who are attached to shopping overseas and unleash more spending power.”
Liu Peng, general manager of Tmall Worldwide, Alibaba’s cross-border e-commerce stage, said the new strategy brought dependability and congruity. In the previous four years, Tmall Worldwide has introduced nearly 19,000 overseas brands from 75 countries to Chinese consumers. More than 80 percent of them were newcomers to the Chinese market.
The move came after the Chinese leader promised to help imports by lowering taxes, improving traditions clearance, reducing the expense of bringing in merchandise and accelerating cross-border e-commerce.
Chinese consumers have become increasingly attracted to foreign brands by means of e-commerce stages. Retail imports through those stages reached 56.6 billion yuan in 2017, up 75.5 percent year on year. In the initial 10 months in the current year, the import value rose 53.7 percent year-on-year to reach 67.2 billion yuan.
In 2017, cross-border e-commerce consumers accounted for 10.2 percent of China’s complete e-commerce consumers, up from 1.6 percent in 2014, as indicated by a research report on China’s import market together released by China Chamber of International Commerce, worldwide evaluating and consultancy firm Deloitte, and Alibaba’s Aliresearch.
Since 2016, Chinese consumers have become increasingly prone to amazing items notwithstanding items for fundamental living. Sales of computerized home appliances, cosmetics, attire, healthcare items and nourishment have quickly increased online.
“The new policies won’t just make cross-border trade more convenient, yet additionally meet consumers’ upgraded needs and improve regulation and supervision of cross-border e-commerce imports,” said Wang Jian, a professor with the University of International Business and Economics.
Li Mingtao, president of a research institute affiliated to China E-commerce Research Center, said he expected more resources and opportunities would stream to the cross-border e-commerce industry, generating more business opportunities.