Ningbo launches credit platform for cross-border e-commerce regulation

The launch ceremony of the Cross-border E-commerce Credit Information Publicity Platform is held at Ningbo Imported Commodity Center on Nov 1. [Photo/ zj.zjol.com]

Ningbo Free Trade Zone (FTZ) launched a credit information publicity platform on Nov 1 to strengthen its regulation of cross-border e-commerce businesses, which is the first of its kind ever seen in China.

Based on the market player database of Ningbo FTZ, the Cross-border E-commerce Credit Information Publicity Platform collects data about the operations of cross-border e-commerce companies, the everyday regulations of the authorities, and reports of discredit and complaints, to analyze the credit standing of cross-border e-commerce companies and exercise appropriate regulation.

"The launch of the platform marks a big breakthrough in Ningbo FTZ's efforts of establishing a network market regulation and service demonstration zone," said Xia Qun, deputy director of the administrative committee of Ningbo FTZ, at the launch ceremony.

"By applying big data analysis, the platform will help generate an accurate evaluation of Ningbo FTZ's business climate and enhance its risk management capacity," Xia added.

As one of China's first pilot zones of cross-border e-commerce businesses, Ningbo FTZ has witnessed rapid growth in this field in recent years, ranking first in China in cross-border imports. 

Ningbo FTZ boasts 568 cross-border e-commerce pilot companies as of Oct 25, 2018, with the amount of cross-border commodity transactions topping $2.85 billion, and the number of consumers exceeding 43.32 million around the world.

The Cross-border E-commerce Credit Information Publicity Platform is demonstrated at the launch ceremony. [Photo provided to chinadaily.com.cn]

Representatives of local authorities together launch the platform. [Photo provided to chinadaily.com.cn]