The city government in eastern Jiangsu province aims to accelerate the digitalization of local businesses, attract top cross-border e-commerce projects and build a robust ecosystem for related businesses, according to a government document released on Monday. A policy document was published.
JD.com offers $138 million in cash incentives to enhance video content
JD.com offers $138 million in cash incentives to enhance video content
If Suzhou can double its e-commerce imports and exports every year, the city's annual revenue will reach 150 billion yuan (US$20.7 billion) by 2026.
“At least 600 traditional trading and manufacturing enterprises will conduct cross-border e-commerce transactions every year,” the government said in the document. “By 2026, the number of cross-border online sellers in the city will exceed 15,000.”
Officials said they would provide “significant policy support” to benchmark companies and that more contributions would be directed to the cross-border trade sector. The document does not provide details about this initiative.
Other measures in Suzhou include building infrastructure and support systems for cross-border e-commerce development, including robust and efficient supply chains, logistics, and payment services.
The authorities also set the goal of building 1.5 million square meters of overseas warehouses operated by local companies and fostering at least two cross-border e-commerce industrial parks by 2026.
Suzhou is introducing the plan amid growing interest among China's major cities in finding new approaches to boost economic growth amid a slow post-pandemic recovery.
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US threat to scrap trade rules could hurt China, TEM and home country
US threat to scrap trade rules could hurt China, TEM and home country
With aggressively priced clothing made in China, Shein has experienced explosive growth over the past few years and now accounts for one-fifth of global fast fashion sales, according to Coresight Research. .
This year, Mr. Tem bought six of the most expensive TV advertising real estate slots in the United States. The average cost per 30-second ad was $7 million, and the company likely spent tens of millions of dollars on the campaign.
According to data from China Customs, China's cross-border e-commerce import and export transaction volume reached 2.38 trillion yuan last year, an increase of 15.6% from the previous year. According to Chinese think tank iResearch, this amount is expected to reach 2.95 trillion yuan by 2024.
Suzhou is still trying to catch up with more established cross-border e-commerce hubs, especially cities in Guangdong province.
The majority of cross-border e-commerce business is located in the southern states, which are home to more than 13,000 merchants. Jiangsu and Anhui provinces are in second and third place, according to iResearch data.
