Cross-border e-commerce projects to land in Ningbo

Representatives from nearly 500 cross-border e-commerce companies in China attend the 2019 China (Ningbo) Cross-Border E-Commerce Summit in Ningbo, East China's Zhejiang province on June 4. [Photo/zj.zjol.com] 

Ningbo in East China's Zhejiang province will see a raft of cross-border e-commerce projects land in its free trade zone in the future, with a major contract signing ceremony held at the 2019 China (Ningbo) Cross-Border E-Commerce Summit in the city on June 4.

These projects include a 1.5-billion-yuan ($217 million) digital trade platform, an intelligent cross-border warehouse, and some projects that focus on financial and supply chain services. 

A special insurance that covers against the risk of fake products in the cross-border trade was launched by the Ningbo Free Trade Zone, in collaboration with the China Insurance Regulatory Commission Ningbo Bureau and China Life Property Insurance Co.

Ningbo Free Trade Zone, the China Insurance Regulatory Commission Ningbo Bureau and China Life Property Insurance Co jointly launch a special insurance that covers against the risk of fake products in cross-border trade at the summit. [Photo/zj.zjol.com]

The summit also saw some in-depth discussions between e-commerce company executives about the future of the industry, as well as the publishing of a white paper on the development plan for the Ningbo Free Trade Zone in cross-border e-commerce.

The white paper indicated that the zone generated a cumulative total of 22.5 billion yuan in cross-border e-commerce imports as of the end of 2018. 

In particular, the imports last year reached nearly 10 billion yuan, accounting for 70 percent of the city's total and 12 percent of the nation's total. 

From 350 million yuan in 2013 to nearly 10 billion yuan 2018, the zone's cross-border e-commerce imports grew at an annual rate of 128.3 percent. 

Officials said that with them taking up 3.3 percent of the city's total imports, such imports are increasingly becoming an important growth engine for Ningbo's import trade.