CHINA INSIGHT: Cross-Border B2B E-Commerce Will Play Increasingly Important Role
Over the past few years, China has maintained steady growth to help generate the global economy. This rapid growth can be attributed to numerous factors. One of the most important is the internet, as well as online businesses, of which e-commerce has performed quite well and gained extraordinary growth.
Along with the boom of domestic e-commerce market, China’s cross-border e-commerce sector is also experiencing significant growth. Statistics from the Ministry of Commerce showed that 220 countries and regions were covered by China’s cross-border e-commerce network as of 2016. In 2016, the total transaction volume of China’s cross-border e-commerce reached 6.3 trillion yuan, making the country the world’s largest cross-border e-commerce market. On the macro-level, B2B cross-border e-commerce transactions accounted for 86.5% of the total, fay beyond the value generated by B2C cross-border e-commerce transactions, which contributed only 13.5%, said the report. In addition, China’s cross-border e-commerce market is expected to reach a size of 7.5 trillion yuan in 2017 and then 8.8 trillion yuan in 2018, of which B2B e-commerce will continue to account for the dominant share.
Notably, China’s B2B trade with the countries involved in the Belt and Road Initiative has played a significant role in the prosperity of the country’s cross-border e-commerce. According to statistics, 64 countries along the Belt and Road route have 43.4% of the world’s total population, contribute about 16 percent of the global GDP and account for more than 20 percent of the global trade volume. Moreover, their cross-border e-commerce trade volume accounts for 12.5 percent of the world’s total cross-border e-commerce trade volume.
Cross-border e-commerce will become an important way of stimulating economic and trade cooperation among the countries along the Belt and Road with its strong potential for future growth in these countries.
It is estimated that the Belt & Road Initiative will require $2 to $3 trillion in new resources every year for the coming decades, providing tremendous opportunities for companies engaged in B2B e-commerce.
JumoreGlobal has made deep and broad exchange and cooperation with a number of government agencies and established enterprises from various Belt & Road countries and thus offers a unique gateway for international companies who want to get involved in Belt & Road projects. Its online marketplace provides users with reliable access to the major Chinese and foreign companies that are driving Belt & Road development around the world. By joining the JumoreGlobal platform, you are able to access a fountain of valuable information about the Belt & Road, so as to expand your B2B e-commerce trade across the globe in an easy and efficient way.