9 measures! Zhejiang issues financial policies to support cross-border e-commerce

Cross-border RMB, foreign exchange, payment, financing ... Recently, the "Guiding Opinions on Financial Support for the High-Quality Development of Cross-border E-commerce in Zhejiang Province" (hereinafter referred to as the "Opinions") issued nine measures ( 4+3+2 ) to provide financial support for cross-border e-commerce. It was jointly issued by the Hangzhou Branch of the People's Bank of China , the Zhejiang Provincial Department of Commerce, and the Zhejiang Branch of the State Administration of Foreign Exchange , and strongly supports the development of cross-border e-commerce from many aspects .

Four measures have been introduced to enhance trade facilitation and strengthen financial services:

1. Facilitating RMB settlement for cross-border e-commerce

Based on the "Three Principles of Business Development", domestic banking institutions can directly handle cross-border RMB settlement business under goods trade and service trade for enterprises based on the payment and collection instructions or electronic certificates submitted by high-quality enterprises. Enterprises do not need to submit authenticity proof materials in advance and on a case-by-case basis.

2. Smooth RMB settlement channels for cross-border e-commerce

Banking institutions are encouraged to expand cooperation channels with domestic non-bank payment institutions and provide cross-border RMB settlement services for market entities such as cross-border e-commerce, market procurement trade, and comprehensive foreign trade services. Banking institutions are supported to strengthen the authenticity review of trade and improve the efficiency of cross-border e-commerce RMB settlement through the system direct connection mode with cross-border e-commerce platforms and market procurement trade network information platforms.

III. Facilitating foreign exchange receipts and payments for cross-border e-commerce

Enterprises engaged in cross-border e-commerce export overseas warehouse models are allowed to settle the difference between export payment and warehousing, logistics and other expenses incurred overseas. Domestic individuals engaged in cross-border e-commerce are supported to handle cross-border e-commerce settlement through personal foreign exchange accounts. For those who can provide proof of transaction amount or electronic transaction information, it will not occupy the individual's annual facilitation quota.

4. Improving the convenience of cross-border payment services

Payment institutions that conduct cross-border RMB payment business can open a standby account on the basis of a special deposit account for pending settlement funds of a specific business to improve the convenience of business. E-commerce platforms and merchants are encouraged to support multiple online payment methods such as Cloud QuickPass, safeguard the public's right to choose, and facilitate the public's cross-border e-commerce payment and settlement.

Three measures have been introduced to ensure funding needs and enhance the sense of access to financing:

1. Increase financing support for cross-border e-commerce

Banks are encouraged to carry out cross-border e-commerce supply chain finance, promote pledge financing of accounts receivable and orders, provide more convenient discounting, pledge and other financing for bills issued by core enterprises of cross-border platforms, and increase medium- and long-term loan support for cross-border e-commerce enterprises that build their own overseas warehouses. Market entities are supported to use innovative products such as entrepreneurial guarantee loans and talent loans, and actively participate in entrepreneurship and innovation in the cross-border e-commerce market of RCEP countries.

II. Expanding domestic and overseas two-way financing channels

Support small and medium-sized enterprises on cross-border e-commerce platforms to raise funds from the bond market through standardized bills. Support qualified high-quality e-commerce platform enterprises to issue debt financing instruments, and support small and micro cross-border e-commerce entrepreneurship and innovation incubation platforms and industrial parks to issue dual-innovation bonds.

III. Enhance the function of policy-based export credit insurance

Priority should be given to arranging low-interest funds from the central bank to support export credit insurance policy financing. Bank-insurance cooperation should be strengthened to expand the scale of cross-border e-commerce policy financing. Policy-based export credit insurance should be used to increase risk protection and financing support for cross-border e-commerce.

Two measures have been introduced to strengthen policy incentives and risk prevention and control:

I. Strengthening targeted support through central bank policy tools

The central bank will implement preferential interest rates for re-loan and re-discount funds, and encourage banking institutions to use low-interest funds to support cross-border e-commerce enterprises' credit. The inclusive small and micro enterprise credit loan support plan and loan principal and interest extension policy will continue to be implemented for small and micro e-commerce enterprises until the end of 2021, and the extension should be implemented as much as possible according to market principles to increase the proportion of credit loans.

II. Strengthen risk prevention and control during and after the event

Financial institutions are encouraged to use new technologies such as blockchain, big data, and the Internet of Things, and to conduct trade authenticity audits by combining online information analysis with offline spot checks. Financial institutions are encouraged to establish incentive constraints and fault-tolerance and error-correction mechanisms for cross-border e-commerce businesses, and to scientifically set spot check ratios and assessment indicators.

In addition to the above nine support measures, Zhejiang Province also held a semi-annual special video conference on the construction of the province's cross-border e-commerce comprehensive pilot zone . Each comprehensive pilot zone reported on the development of cross-border e-commerce, the work in the first half of the year, and the key work ideas for the next stage. The Provincial Department of Transportation focused on "strengthening cross-border e-commerce logistics support", the Provincial Food and Drug Administration focused on "cross-border e-commerce retail imported drug pilot", the People's Bank of China Hangzhou Central Branch focused on "financial support for cross-border e-commerce development progress", and the Export Credit Insurance Zhejiang Branch focused on "cross-border e-commerce credit insurance innovation". Representatives of cross-border e-commerce overseas warehouse companies such as Cainiao and Lege exchanged views on the company and industry situation.

According to the calculation of the Provincial Department of Commerce, the total import and export volume of cross-border e-commerce in Zhejiang Province from January to June was 133.83 billion yuan, a year-on-year increase of 35.7%. Among them, exports were 91.89 billion yuan, a year-on-year increase of 48.2%; imports were 41.94 billion yuan, a year-on-year increase of 14.6%. According to incomplete statistics, as of June, there were 141,000 active export online stores in the province.

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