With the growing economy day by day, China has become the world’s largest importer of e-commerce goods. The country has a population of cross-border e-commerce consumers increasing by 10 times over the past three years.
According to a report, China’s consumption growth has promoted sustainable development of import business and the post-’90s and ’95s consumers have become the largest consumers of imported goods.
Also, the proportion of people buying imported goods through cross-border e-commerce platforms increased from 1.6 percent in 2014 to 10.2 percent last year. The number of consumers at Tmall Global, the cross-border e-commerce site of Alibaba Group rose10 times from 2014 to last year.
“China is becoming one of the largest consumer markets in the world, and this huge consumer market is still opening up. On the one hand, China’s tax cuts on imported consumer goods are increasing, on the other hand, China’s policy continues to encourage cross-border import e-commerce and other new forms of business,” Gao Hongbing, president of AliResearch, said.
Along with this, the platform introduced nearly 19,000 overseas brands from 3,900 categories in 75 countries into the Chinese market over the past four years. In recent years, China’s imported consumer goods tax cuts have intensified, with the average tax rate reducing to 6.9 percent in July 2018.