China issues draft rules to expand cross-border e-commerce businesses

China on Tuesday issued draft rules to promote construction of overseas warehouses and expand cross-border e-commerce businesses, which have become a vital force in its foreign trade, according to the Chinese commerce ministry.

Companies including Shein, PDD Holdings' Temu and Alibaba's AliExpress, which predominantly ship made-in-China products "cross border" to markets around the world have been rapidly growing in recent years.

This has opened a new avenue for growth for some firms previously focused on domestic consumption, which remains muted by a macroeconomic slowdown, prolonged property crisis and income insecurity.

The commerce ministry's announcement, which covered draft rules for both inbound cross-border e-commerce as well as outbound, said it would also seek to improve cross-border data management and optimise the supervision of cross-border exports.

National ministries and government departments will smooth financing channels and help cross-border e-commerce companies to "go global", the ministry said.

Xi vows to build globally competitive environment for tech innovation

China’s President Xi Jinping has vowed to foster a globally competitive open environment for scientific and technological innovations, and expand international exchanges and cooperation, state media reported on Tuesday. The comments come at a time when the country is trying to nurture new growth drivers, in its bid to restore business confidence after protracted weakness in its property industry. Speaking at the meeting of  Chinese Communist Party's Central Commission  for Comprehensively Deepening Reforms, Xi pledged to build an open climate for tech innovation.