Guangdong may be weathering a difficult external trade environment, yet
growth in one key segment is exploding: cross-border e-commerce. In the first
half of this year, imports and exports ordered and shipped via the internet
grew 76.8% to RMB43.02 billion. Nearly all went through special bonded zones in
Guangzhou, Shenzhen, Zhuhai and Dongguan, where 3,000 enterprises have clustered
to take advantage of easier tax and other regulations.
Admittedly, this is still a small drop in the bucket. The province’s overall
trade was worth RMB 3.28 trillion in the first six months, up 1.3% year-on-year,
accounting for 22.4% of China’s total imports and exports. More than half was
accounted for by private enterprises, which saw their trade numbers grow 5.9%, up
2.2 percentage points YoY.
Shenzhen’s special economic zone is playing catch-up, it seems, to its own potential. Following reports of a recent surge in foreign investment, mostly from Hong Kong-registered companies, comes data showing that foreign trade in Qianhai surged 40% in the first half of the year.
Continue reading Qianhai sees trade shift in 1H
China’s closely followed rankings of trading cities has four out of the top to from the Greater Bay Area. Shenzhen is No. 1, followed by Shanghai, Dongguan, Suzhou, Zhuhai, Xiamen, Guangzhou, Ningbo, Tianjin and Beijing.
Moreover, Dongguan is closing the gap on Shanghai, according to the, published by the General Administration of Customs of China. Zhuhai, meanwhile, jumped two positions from last year’s list. Driving this has been both cities designation as pilot zones for cross-border e-commerce. Zhuhai’s adoption was the most aggressive – perhaps due to its proximity to neighboring Macau. Last year, Zhuhai had cross-border e-commerce between January and June this year worth RMB220 million, up more than 26 times YoY.