E-commerce projected to become major driver of international trade

Cross-border e-commerce is expected to become a major driver of China's total international trade, a top leader of the China Council for the Promotion of International Trade said at the World Business Leaders Roundtable held in Xiamen on Tuesday.

"E-commerce is helping China to tide over the global economic slowdown," said CCPIT Vice-chairman Lu Pengqi during the event, a preclude of the 19th China International Fair for Investment and Trade.

"It is a rising trend in globalization that sustains growth not only in China but also across the world. The structure of China's international trade needs to change and incorporate more e-commerce," he said.

It is estimated by the Ministry of Commerce that the total volume of China's cross-border e-commerce will reach 6.5 trillion yuan ($975 billion) by the end of 2016. Crossborder e-commerce will account for 20 percent of China's import and export in the next few years.

Hong Biling, deputy Party chief of Xiamen, said that Xiamen stands in a very good position for future e-commerce development.

"Xiamen has always been an outgoing city with transportation routes reaching Europe, North America, Australia, Japan, South Korea and Taiwan. It is also a hub for the Belt and Road Initiative. The Fujian Free Trade Zone will also facilitate cross-border online trading. Major e-commerce companies such as Alibaba, Amazon, Suning and Jingdong all have their presence here in the city," said Hong.

In the first half of this year, the total cross-border e-commerce in Xiamen exceeded 60 billion yuan, up 20 percent from the same period last year, accounting for around a quarter of the city's import and export.

Chen Meiling contributed to the story.

What they say

Editor's note: Delegates of the China International Fair for Investment and Trade share their visions for the event.

"The International Investment Forum, part of the CIFIT, will focus on the Belt and Road Initiative, seek joint development solutions and share the new trends on transnational investment."

Li Yong, deputy head, investment promotion affair bureau, Ministry of Commerce

"We hope to let the participants feel the unique charm of Macao through various activities like the Macao promotional event during the CIFIT. We expect to provide opportunities for young entrepreneurs and businessmen to exchange ideas and boost cooperation."

Irene Lau, executive commissioner, Macao Trade and Investment Promotion Institute

"The strong friendship between the two countries is the base of further bilateral cooperation. Chinese people pay more attention to the quality of life, which Sino-Italian trade cooperation will focus on in this fair. Chinese people used to know Italian food, fashion and furniture, but this time we will also give representation to our hi-tech products. We hope to continue partnership between the two countries."

Paolo Quattrocchi, trade commissioner of the Italian Trade Commission's Guangzhou Office

yangziman@chinadaily.com.cn

(China Daily 09/08/2016 page7)