Hangzhou on fast track to cross-border e-commerce

The 4th Global Cross-Border E-commerce Summit kicked off in Hangzhou, capital of East China's Zhejiang province, on June 27.

Hosted by the China (Hangzhou) Cross-border E-Commerce Pilot Area, the summit gathered luminaries to join in a two-day discussion that delved into cutting-edge technology in digital trade, innovative applications in the digitalization of industries, and shared Hangzhou's experience in cross-border e-commerce.

The cross-border e-commerce business is burgeoning like never before in Hangzhou, serving as a major impetus for the city's fast-growing digital economy.

Hu Wei, vice mayor of Hangzhou talked about the innovative measures introduced to the pilot area. He said Hangzhou will actively expand into the emerging markets represented by countries and regions involved in the Belt and Road Initiative, by taking advantage of its digital trade.

The city's comprehensive pilot area for cross-border e-commerce - set up in 2015 and the first of its kind in China - has blazed new trails in cross-border e-commerce for other cities to follow in its first four years of operation.

"The pilot area has entered into a new stage; we'll strive to optimize and upgrade services, support world electronic trade platforms, or eWTPs and help companies with international businesses, so as to build Hangzhou into a hub of the digital Silk Road," Hu said.

Long Yongtu, former vice-minister of the then Ministry of Foreign Trade and Economic Cooperation, said he recognized the great opportunities brought about by digital economy for global economic development.

He emphasized that more efforts should be made in cross-border e-commerce and mobile payments, so as to contribute to the development of China and the world as a whole.

Aside from the main forum, two sub-forums -- focusing on the cross-border e-commerce markets in Russia, the Middle East, Africa, India, South America and Europe and America -- were also launched.

Home to e-commerce giant Alibaba, Hangzhou recorded $11.67 billion worth of imports and exports in its cross-border e-commerce last year, a year-on-year increase of 14.41 percent.

From January to April, the city's cross-border e-commerce exports rose 26.28 percent to $2.69 billion, accounting for 19.13 percent of Hangzhou's foreign trade exports. There were 14,346 Hangzhou–based online stores operating by the end of 2018.