Cross-border e-commerce in China has grown steadily in recent years, on the back of strong consumer demand for premium brands and high-quality overseas products. If the income declaration form of the to-be-verified account is required to be submitted to the foreign exchange bureau under the current rule, the enterprise may be exempted from this step in the future. Pilot programs will be carried out where registration for each foreign borrowing is no longer required. Cross-border trade in Heihe, China's northernmost free trade area adjacent to Russia's Blagoveshchensk, has remained stable this year. Most of the provisions of this article will take effect on the issuing date, except the new online foreign exchange reporting system for businesses engaged in the trade of goods, which will take effect from January 1, 2020. Limits on the number of foreign currency accounts under capital accounts will be removed, to facilitate foreign exchange settlement under certain capital accounts. RMB internationalization accelerated in 2009 when China established the dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity. WHAT EXACTLY IS CROSS BORDER E-COMMERCE? The reporting processes on foreign exchange businesses for trade in goods will be improved. The general principle is to maintain a macro-prudential policy while enhancing micro regulation," Li said. This is crucial for the overall stability of the macro economy. A significant part of China-Pakistan cross-border trade falls within the category of shadow economy. Post was not sent - check your email addresses! Cross-border e-commerce in China has grown steadily in recent years, on the back of strong consumer demand for premium brands and high-quality overseas products. A significant part of China-Pakistan cross-border trade falls within the category of shadow economy. In 2018, 13 ministries and commissions of China including CFDA, MOF, GAC, etc. Despite COVID-19's impact, robust development in e-commerce has been a major boost for the local economy. The previous requirements to report to SAFE for foreign exchange transactions during the counseling period have now been removed. Policies on export tax rebate and credit-based insurance will be further improved. China will set up 46 new integrated pilot zones for cross-border e-commerce, as well as support processing trade with new steps and hold the Canton Fair online to keep foreign trade … On the first January 2019, the Chinese government issued, updated and imposed new rules on cross-border trade: The Cross-border E-commerce Retail Imports Regulation ("The Circular"); However, under the new rules, banks will also focus on the authentication of the transaction and compliance requirements. The overseas fund centralized management account shall comply with the laws and regulations of the country (or region) where the overseas account is located. Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, the Renminbi (RMB). Despite COVID-19's impact, robust development in e-commerce has been a major boost for the local economy. Trade volume of China's export cross-border e-commerce players 2011-2019 Number of cross-border online shoppers in China 2016-2020 Growth rate of cross-border online shoppers in China 2014-2017 In 2019, China was ranked 65 out of 190 countries, with a score is 82.59, entailing a significant improvement. Most Pakistani traders in Xinjiang cannot afford to ship containers through the Khunjerab Pass and rather carry the goods purchased in China with them on the daily buses to Sost, Pakistan, thus avoiding customs duties. Located on the border of China and Kazakhstan, the China-Kazakhstan Horgos International Border Cooperation Center is the only cross-border trade center in the world. When an enterprise branch registers, changes, or cancels their registration procedures with SAFE, only the original or duplicate of the Business License of the branch is needed. Xu Zhixian is … HKMA and Bank of Thailand started a research project in the last quarter of 2019 on the application of digital fiat currencies for cross-border trade settlement. Despite the halt of global physical trade fairs due to the COVID-19 pandemic, a surging international trade demand is observed. The verification of foreign exchange receipts and payments documents will be optimized; The registration of special foreign exchange refund business will be cancelled; and. Another 141,000 got newly registered, up by 7.7 percent year-on-year. Cross-Border E-Commerce Trade. The cross-border RMB income obtained from foreign direct investment (FDI), cross-border financing, and overseas listing may also be directly used for payment within China. Imports including agricultural products, daily consumer goods, equipment and parts will be increased to meet domestic demand. Banks can now handle the foreign exchange relating to the trade of goods and services for enterprises with good credit, according to three principles of “understanding customers”, “understanding business,” and “due diligence.”. At present, this pilot scheme has been carried out in 12 free trade zones, and several provinces and cities, such as Fujian, Zhejiang, Jiangsu, Shenzhen. Cross-Border E-Commerce Trade. This reform will give banks more flexibility in terms of the administrative formalities relating to foreign exchange. This rule will take effect January 1, 2020. Cross-border sales are defined as the direct import of goods from outside Mainland China, utilizing special channels, known as cross-border e-commerce platforms, and the preferential policies of special economic zones or bonded warehouses. The Alataw Pass, a major rail port at the China-Kazakhstan border in Xinjiang, has shown great market potential in cross-border e-commerce trade since the business was launched in January. China Cross-border e-commerce platforms have been expanding rapidly and have gradually been replacing the traditional models such as haitao or daigou (people buying a product tax-free overseas and then re-selling it in the local market). Small and micro cross-border e-commerce enterprises that handle the collection or payment of foreign exchange of trade of goods less than US$200,000 accumulated per year, are exempt from the registration of “list of enterprises engaged in foreign exchange trade receipt and expenditure.”. Banks operating in the Lingang New Area may directly handle RMB settlement in cross-border trade. For Tmall Global, specifically, more than 80% of the brands that we currently sell made their China debut on the platform. Another common question is: who handles currency conversion when conducting cross-border trade with China? Non-financial enterprises within the pilot area can now register foreign debts up to twice their net assets at the local foreign exchange bureau. "Given the increasing complexity on global financial markets, it is important to guard against the risks in cross-border capital flows and maintain financial stability. It also further simplifies the use efficiency of foreign exchange funds as deposit and reduces the capital occupation of foreign investors. Under the new rules, enterprises can decide whether to open a to-be-verified account for export earnings. Alibaba and e-commerce service provider Youzan both released their earnings reports for … The cross-border exports value was worth 305.73 billion baht, down 9 per cent. In this case an overseas legal entity imports the goods directly into China. Of … Procedures of receipts and payments of relevant funds will be simplified for micro and small cross-border e-commerce companies. BEIJING, Oct. 23 (Xinhua) -- China will introduce more measures to better facilitate cross-border trade and investment, including improving foreign exchange management and further streamlining regulatory requirements with a view to attracting foreign investors with a more enabling business environment. co-released the updated version of “Positive List for Commodities Traded through Cross-Border E-Commerce (2018)”, under which 63 new items categories were added to the positive list for cross-border trade… Please contact info@dezshira.com or visit our website at www.dezshira.com. The case-by-case basis registration of non-financial enterprises’ foreign debts with SAFE will now be cancelled under the pilot scheme – this will apply on a trial basis in Hainan province and the Guangdong-Hong Kong-Macao Greater Bay Area. Cross-border sales are defined as the direct import of goods from outside Mainland China, utilizing special channels, known as cross-border e-commerce platforms, and the preferential policies of special economic zones or bonded warehouses. While some of the provisions will apply nationwide, many others will apply solely in the pilot area. China’s new foreign exchange measures will ease financing controls on cross-border trade and investment activities to create a better business environment for domestic enterprises and overseas investors. China is the major rice export market for Myanmar. The consumer base for imported goods via cross-border e-commerce has also expanded rapidly. "E-commerce trade volume reached about 1 billion yuan between January and September. The new rules reduce the processing time of transactions using the capital fund as it is no longer necessary to provide information before the settlement of the capital. The new rules therefore offer more flexibility in the investment structure for foreign investors. The cross-border import value was worth 218.63 billion baht, down 10.7 per cent. The non-financial enterprises can borrow the foreign debts within the registered amount and handle the procedures for remitting the funds with the bank directly, replacing the old rule of case-by-case registration with SAFE for each loan. Regarding the scope of the pilot scheme, no specific cities were mentioned; instead, the application of the policy will depend on the actual needs of the locality to be decided and announced later by the government bureau. New zones will be developed to facilitate innovation in imports. China Briefing is produced by Dezan Shira & Associates. Product Description. Cross­border # trade in Pingtan, Fujian province, has experienced double­digit growth despite the # COVID_ ­19. As an important border port, Dongxing provides a major trade link between China and Vietnam as well as other ASEAN countries. Trade volume of China's export cross-border e-commerce players 2011-2019 Maternal and baby product online shopper share in China 2015, by gender Most common e-commerce issues across MENA 2014-2016 The China International Import Expo (CIIE), a government-backed trade fair, was held Nov. 5 – 10 to promote cross-border e-commerce amid a bruising trade war and global pandemic. E-commerce in China has become part of Chinese consumers daily life. Enterprises may now be under an even stricter scanner with initial transactions subject to more detailed investigation from the bank before a trusted relationship is built between the bank and the enterprises. On February 2017, a pilot project for cross-border labor cooperation was launched in Dongxing, allowing for a greater influx of Vietnamese to work in Guangxi. On March 15, the Chinese side of the cooperation center began to resume operations. All of this serves to reduce the trial-an… Get an overview on the players in the Chinese cross-border e-commerce ecosystem and learn how to choose the right trade partner. Despite COVID-19's impact, robust development in e-commerce has been a major boost for the local economy. Bank of China Ltd London Branch provides various types of cross-border RMB products and RMB trade finance products, such as Letters of Credit, Documentary Collection, Telegraphic Transfer, Letter of Guarantee and so on. The number of foreign trade companies kept increasing. We highlight and break down the six measures for cross-border trade and cross-border investment in this article. Myanmar mainly exports beans and pulses, sesame, maize, rubber, and marine products to China while pesticides, fertilizers, household items, and foodstuff are imported into the country through Muse border trade camp. Foreign firms engaged in non-investment businesses will be allowed to make equity investments on the mainland with their capital funds. There is much pressure on foreign trade. Cross­border # trade in Pingtan, Fujian province, has experienced double­digit growth despite the # COVID_ ­19. Non-bank debtors can now go directly to the bank to cancel their foreign debt registration, instead of dealing with SAFE, thereby reducing the overall time needed for foreign debt deregistration. 08.10.2020 How to Work with a Trade Partner on a Cross-Border E-Commerce Platform in China Due to the COVID-19 pandemic, the enforcement of social distancing, lockdowns and other measures has driven up the demand for online shopping in China. Trade volume of China's export cross-border e-commerce players 2011-2019 Maternal and baby product online shopper share in China 2015, by gender Most common e-commerce issues across MENA 2014-2016 Xu Zhixian is the manager of a duty-free shop in the center. Cross-border e-commerce trade has been flourishing in China, with turnover rising 80.6 percent from a year earlier to 90.24 billion yuan last year. By cross-border, I mean those channels such as Tmall Global or JD Worldwide, which allow foreign brands to sell to Chinese consumers from outside of mainland China, be … There are 3 kinds of taxes here: Taxes: This is the “variable” taxes that the government puts on the goods. The new announcement covers 12 facilitation measures, which ease the controls surrounding cross-border trade and investment financing requirements and aims to provide a better business environment for domestic enterprises and overseas investors. What is important now is that the many policies that have been introduced will be fully delivered, in an effort to achieve the goal we set early this year of ensuring the steady growth and raising the quality of foreign trade," Li said. If businesses choose not to open such an account, the income arising from trade in goods will be subject to bank review, and then be able to have direct access to the foreign exchange account. Cross-border eCommerce in China allows international companies to sell goods to Chinese consumers online through platforms such as Alibaba’s Tmall Global and Kaola. Under the new rules, the channels, types of domestic credit assets, and scope of persons able to participate in the overseas transfer will be expanded in the pilot area within the Hainan Province and the Guangdong-Hong Kong-Macao Greater Bay Area.Foreign investors will now be able to carry out cross-border transfers of non-performing assets and can use foreign capital to directly participate in China’s non-performing asset market – changes that will undoubtedly enrich the investment channel available to them. The new measures took effect October 23, with the exception of the new online reporting system, which will commence January 1, 2020. Cross-border RMB finance and trade. By cross-border, I mean those channels such as Tmall Global or JD Worldwide, which allow foreign brands to sell to Chinese consumers from outside of mainland China, be … Cross-border e-commerce, online trading, and service trade are key tools for China in tackling economic downwards amid the COVID-19 pandemic, Guan Tao, chief global economist of … China's cross-border e-commerce market has grown remarkably since 2014, with the import proportion of total e-commerce sales soaring to 10.2% in 2017 from 1.6% in 2014. Attendees at the Wednesday meeting agreed on 12 measures to boost cross-border trade and investment. All countries have these various tax rates depending on the product. Since 2014, customs has regularly introduced new trade supervision methods, exploring innovative ways to help the industry develop in a well-regulated and systematic way. The order, issued Thursday, said cargo train and aircraft could also continue operating between the two countries as long as safety measures are conducted to prevent spread of the nCoV. Registration for the list of foreign exchange receipts and payments for trade will be facilitated for enterprises and their subsidiaries. Between 2016 and 2018, China’s score of Trade Across Borders was stagnant at 69.91. However, transit trade value with China expanded during the first five months of 2020 at 90.74 billion baht, up 15.74 per cent year-on-year. In addition, the following measures will be implemented to facilitate the foreign exchange receipts and payment for goods trade: These measures were previously piloted in Shanghai, Zhejiang, and Guangdong-Hong Kong-Macau Greater Bay Area, but now will be extended to all provinces in the country. According to the announcement, restrictions placed upon the use of foreign exchange settlement in the domestic asset realization account will be removed. China’s crackdown on daigou is part of its moves to strengthen e-commerce regulation and better control the rapidly expanding sector. On March 15, the Chinese side of the cooperation center began to resume operations. Eligible enterprises may open multiple foreign exchange capital accounts, according to their actual business needs, but the number of accounts opened shall meet the requirements of prudential supervision. Measures on keeping foreign trade stable were adopted at the meeting. It sets lower entry standards for overseas brands to benefit from the Chinese market, as the platforms help them to develop marketing strategies, sales channels, and product mix based on their better understanding of Chinese consumers. Trump Seeks to Intervene as States Join Texas Election Suit Nov 06,2020. It is also a principle that we've long followed," Li said. The Alataw Pass, a major rail port at the China-Kazakhstan border in Xinjiang, has shown great market potential in cross-border e-commerce trade since the business was launched in January. Cross-border e-commerce (CBEC) – activities of purchasing or selling products via online shopping across national borders – is gaining momentum in China. Yet it has been fairly unregulated in many aspects. "There is a trend towards more direct shipping out of China through digital cross-border shopping channels, which helps alleviate some of the downtrend in Chinese exports driven by the trade … China will set up 46 new integrated pilot zones for cross-border e-commerce, as well as support processing trade with new steps and hold the Canton Fair online to keep foreign trade … Cross-border e-commerce, as a new international trade model, has also brought huge challenges to China’s customs supervision. RMB Cross-border Trade Settlement. 08.10.2020 How to Work with a Trade Partner on a Cross-Border E-Commerce Platform in China Due to the COVID-19 pandemic, the enforcement of social distancing, lockdowns and other measures has driven up the demand for online shopping in China. US-China cross-border investments hit 5-year low as decoupling deepens amid trade war Investment between the US and China plunged 18 per cent to … It was decided at the meeting that the pilot reform of foreign exchange receipts and payments facilitation will be expanded. The cross-border import value was worth 218.63 billion baht, down 10.7 per cent. As incomes in the country have risen, so has the demand for imported goods. The cross-border exports value was worth 305.73 billion baht, down 9 per cent. The China International Import Expo (CIIE), a government-backed trade fair, was held Nov. 5 – 10 to promote cross-border e-commerce amid a bruising trade war and global pandemic. The pilot program that facilitates revenue payments under capital accounts will be expanded. The Pilot Free Trade Zones (“Pilot FTZs”) offer a high degree of openness in relation to foreign investment and international trade in both goods and services. Cross-border trade and FOREX. Cross border e-commerce is defined as import and export activities of cross-border trade conducted through e-commerce methods by transaction subjects from different customs borders.It is mainly classified into B2B and B2C. "E-commerce trade volume reached about 1 billion yuan between January and September. Cross-border, on the other hand, is defined as the direct import of goods from outside China through special cross-border e-commerce platforms and the preferential policies of special economic zones or warehouses (free trade zones). The firm assists foreign investors throughout Asia and maintains offices in China, Hong Kong, Indonesia, Singapore, Russia, and Vietnam. As part of the “China Online Trade Fair Series”, DHgate, China’s leading B2B cross-border eCommerce marketplace, is organizing China (Suzhou) Online Trade Fair from November 26 th, 2020 to February 25 th, 2021. Find useful cross border trade resources, or cross border trade information about global business and trade on Made-in-China.com. Prior to these new rules foreign investment enterprises not engaging in investment activities could only make new equity investment in other enterprises with retained profit, which limited further investment to be made in China where the enterprise was short on cash or retained profit. Our subscription service offers regular regulatory updates, Trade volume of China's export cross-border e-commerce players 2011-2019 Number of cross-border online shoppers in China 2016-2020 Growth rate of cross-border online shoppers in China … The table below shows how China has improved on Trade Across Borders from 2018 to 2019. China's ambassador to the U.S. expects new momentum for China-U.S. relations in 2021 Nov 06,2020 Trade between the Pingtan Comprehensive Experimental Zone and Taiwan has continued smoothly, increasing 67 percent year­on­year in terms of package volume. Alibaba and e-commerce service provider Youzan both released their … Here is a chart of various products that are popular for cross border trade, comparing traditional B2B with B2C cross-border. Cross-border eCommerce in China allows international companies to sell goods to Chinese consumers online through platforms such as Alibaba’s Tmall Global and Kaola. China’s crackdown on daigou is part of its moves to strengthen e-commerce regulation and better control the rapidly expanding sector. Project contractors will be allowed to put their overseas funds under unified management. China to impose sanctions on U.S. officials over Hong Kong Nov 06,2020. This is particularly efficient for newly set up companies who are only financed by capital funds from the shareholder, and experience difficulty in obtaining supporting documents (such as invoices from suppliers) requested by the bank during the start-up period. Eligible enterprises in the pilot area can use capital fund, foreign debt, and funds raised by overseas listing for domestic payment without providing supporting documents to the bank to prove the authenticity of the transaction on case-by-case basis before the foreign exchange settlement. One thing we did not talk about is the cross-border ecommerce policy, how it’s a little bit more favorable compared to the more traditional general trade direct import process. Cross-border e-commerce trade has been flourishing in China, with turnover rising 80.6 percent from a year earlier to 90.24 billion yuan last year. To stimulate imports and consumption, Beijing tested a series of policies, starting in the Shanghai Free Trade Zone (FTZ) in 2015, to facilitate cross-border e-commerce trade. Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. Doing Business in China 2020 is designed to introduce the fundamentals of investing in China. including the most recent legal, tax and accounting changes that affect your business. Get an overview on the players in the Chinese cross-border e-commerce ecosystem and learn how to choose the right trade partner. Stay Ahead of the curve in Emerging Asia. The contracted engineering enterprises can manage and allocate the funds of different overseas engineering projects in a centralized way to facilitate the cash flow efficiency and develop in overseas markets. Most Pakistani traders in Xinjiang cannot afford to ship containers through the Khunjerab Pass and rather carry the goods purchased in China with them on the daily buses to Sost, Pakistan, thus avoiding customs duties. Previous Article « How to Stay Compliant under China’s New Foreign Investment Law, Next Article How to Use China’s Negative Lists and Foreign Investment Encouraged Catalogue ». However, SAFE will more closely monitor the use of funds during and after this process. China’s leaders emphasize the importance of increasing imports to facilitate both internal and external rebalancing. Business reports, such as trade credit and trade financing, can now be handled online through the foreign exchange monitoring system for trade of goods, without the need to report to the local foreign exchange bureau on site (except for certain special business). 010020070750000000000000011102351384971941. Now when the domestic equity transferor receives the consideration for the equity transfer of the foreign investor, it can directly handle the procedures of account opening, capital remittance, and settlement in the bank with the relevant business registration certificate. The new rules speed up the equity transactions between Chinese businesses and foreign investors. Trade between the Pingtan Comprehensive Experimental Zone and Taiwan has continued smoothly, increasing 67 percent year­on­year in terms of package volume. With the rise of Alipay and WeChat Payment, there are now two clear alternatives: Alipay cross-border and WeChat Payment cross-border. Similar to tariff. There will also be an easing of restrictions surrounding the use of foreign investors’ deposit account. Registration for writing off companies' borrowings from foreign lenders will be delegated to banks. China Announces New Free Trade Zones in Six Provinces, Pre-investment Capital Planning for China’s Foreign Exchange Control, Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window), How to Stay Compliant under China’s New Foreign Investment Law, How to Use China’s Negative Lists and Foreign Investment Encouraged Catalogue, Dezan Shira & Associates' Service Brochure, An Introduction to Doing Business in China 2020, China’s New Foreign Exchange Rules to Ease Cross-Border Transactions. Located on the border of China and Kazakhstan, the China-Kazakhstan Horgos International Border Cooperation Center is the only cross-border trade center in the world. The announcement states that foreign investment enterprises that do not engage in investment activities are allowed to make domestic equity investment with capital fund on the premise of not violating the current special administrative measures for foreign investment access (2019 Negative List) and that the projects invested in China are verified and compliant. Cross-border e-commerce (CBEC) has been used to supply Chinese consumers for many years. US-China cross-border investments hit 5-year low as decoupling deepens amid trade war Investment between the US and China plunged 18 per cent to US$13 billion in … China’s foreign exchange control regime concerns all cross-border transactions to a greater or less extent and often plays an important role in driving transaction structures and financing arrangements for … Statistics from the State Administration of Foreign Exchanges on October 6 show that China's foreign exchange reserves stood at 3.0924 trillion U.S. dollars by the end of September, up by 0.6 percent from the beginning of this year. "It is important to keep foreign trade and investment stable under the current situation by taking further steps in opening-up," Li said. BEIJING, Nov. 4 (Xinhua) -- Chinese President Xi Jinping said Wednesday that the country will introduce a negative list for cross-border services trade. Cross-border trade in Heihe, China's northernmost free trade area adjacent to Russia's Blagoveshchensk, has remained stable this year. and grow their operations. China’s foreign exchange control regime concerns all cross-border transactions to a greater or less extent and often plays an important role in driving transaction structures and financing arrangements for … According to SAFE, it is expected that this policy will benefit more than 95 percent of cross-border e-commerce enterprise. "The renminbi exchange rate needs to be kept basically stable at an adaptive and equilibrium level, and foreign exchange reserves at a reasonable level. Renminbi-denominated cross-border trade settlement hit 633.8 billion yuan (about 97.06 billion U.S. dollars) in November, central bank data showed Wednesday. On October 23, China’s State Administration of Foreign Exchange (SAFE) issued a notice Huifa [2019] No.28. 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