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China, Russia Launch E-Commerce Platform

China, Russia Launch E-Commerce PlatformChina, Russia Launch E-Commerce Platform

The first China-Russia e-commerce platform incubator has opened in  China’s Heilongjiang Province, Interfax reported.

The purpose of the platform is to provide new enterprises with a public space with low cost distribution of resources, and simplified procedures for doing business. RT reported.

“The Chinese-Russian e-commerce center in Dongning was established by the industrial and trading company called Europe and Asia.  It’s the first e-commerce incubator,” the chairman of Heilongjiang’s Association of Applied Economics, Zhang Chuntszyao said citing official sources.

Zhang Chuntszyao said e-commerce is growing between the two countries, and there could be 220 million parcels delivered this year. Almost 70% of the parcels come from China, she added.

The authorities of the Heilongjiang Province plan to establish five e-commerce platforms with Russia by 2020. They have already launched an ambitious project called Internet plus trade with Russia.

The e-commerce project is expected to bring annual trade with Russia up to 100 million yuan. It will involve dozens of Chinese trading companies, the creation of two cross-border payment systems, five warehouses near the Russian border in China, as well as four warehouses on the Russian side.

The province’s authorities intend to increase trade with Russia to $50 billion in the next 5 years and up to $70 billion by 2025.

Chinese online stores are the most popular foreign e-commerce platforms among Russian online customers. They have been actively expanding into the Russian market this year.

Three months ago the two countries started an online e-commerce platform called TradeEase which allowed Chinese shops to sell their goods online to Russian customers.

Financialtribune.com