Bank of China Ltd (BOC) and UK Trade & Investment (UKTI) jointly released “China-UK Cross-border E-commerce White Paper” at Bank of China London Branch on 23rd March 2016, in the presence of Mr. Xu Luode, Executive Vice President of Bank of China Ltd, the Rt Hon Baroness Anelay, Minister of State at the Foreign & Commonwealth Office, Minister Jian Ni, Charge d’ Affaires of the Chinese Embassy to the UK and around 100 Chinese and UK business representatives.
The White Paper on Cross-border E-commerce Service (the White Paper) was jointly prepared by BOC and UKTI with the aim of providing an informative background to assist British enterprises who intend to cooperate in Cross-border E-commerce ventures with China. Detailing crucial areas such as an overview of Chinese national policies and guidelines, relevant BOC products and services, as well as an explanation of the importance of Chinese pilot cities project in Cross Border E-commerce, the paper outlines the benefits that can be gained by adopting a structured approach to E-Commerce market entry.
Bank of China has solid experience in supporting businesses involved in Cross-border E-commerce and provides a comprehensive range of products and services, such as payments and financing. UKTI has proven expertise in this field and is actively engaged in supporting the further development of trade and commerce between China and the UK – together, both parties propose to build a favourable environment that encourages business cooperation and ensures easier access to the Chinese market. BOC has developed and introduced specific products designed to support this E-commerce ventures – The Bank of China Cross-border E-commerce service solution. To compliment this, BOC London Branch recently launched RMB denominated e-express products and services in accordance with the financial requirements of UK businesses, enabling the rapid and scalable development of Cross-border E-commerce.
The release of the White Paper on the 23rd March was immediately followed by the UK–China Retail & E-commerce Seminar and the UK–China Retail & E-commerce Match Making Event, which attracted 14 Chinese Cross-border Platform businesses and over 70 UK export enterprises, who came to meet potential business partners and to share professional knowledge. The benefits of businesses trading via the cross-border e-commerce platform are evident - the final sales price will drop significantly, branding and promotion costs will be reduced and market penetration will increase.
The release of the White Paper was an important milestone in the formation of a comprehensive BOC Cross-border E-commerce service network. BOC were honoured to partner UKTI in hosting the first ever China – UK Cross-border E-commerce Cooperation Roundtable in Shanghai in September 2015, followed by an inaugural Cross-border E-commerce Exchange Event in New Zealand during November 2015. What’s more, BOC and UKTI successfully held the first China-UK SME match making event in Manchester in October 2015. The release of the White Paper is BOC’s another commitment to further promote the China-UK financial and trade cooperation in the “Golden Age”.
The event received exceptional feedbacks, both Chinese and British business representatives appreciated the precious opportunity and perfect platform provided by BOC, which assists them in finding potential business partners and forging successful long-term relationships.
In the future, Bank of China will fully leverage its global network to expand the Cross-border E-commerce business model into other major markets- such as Macau, Malaysia and Italy, with its innovative and cost effective Cross-border E-commerce service solutions.