E-commerce adds momentum to China's economy

In recent years, the market scale of China's e-commerce industry has continued to expand and develop rapidly. Data from China Federation of Logistics and Purchasing shows that in October, China's e-commerce logistics index was 111.9 points, remaining above 110 points for five consecutive months.

Currently, the development of China's e-commerce industry presents the following characteristics: First, the total volume is large. China has the world's largest online retail market. Data from the National Bureau of Statistics shows that the national online retail sales amounted to 13.79 trillion yuan in 2022, a year-on-year increase of 4%. Among them, the online retail sales of physical goods amounted to RMB 11.96 trillion, accounting for 27.2 per cent of total retail sales of consumer goods. Online shopping has become one of the main ways of consumption and shopping for consumers; second, innovation is highly active. E-commerce has a high degree of integration with information technology such as "Internet Plus", and new modes of consumption such as instant retailing, live-streaming e-commerce and social e-commerce have been developing rapidly; thirdly, there has been a wide range of social impacts. The entrepreneurial threshold of e-commerce is low and diverse, which can effectively drive employment and promote consumption.

China's booming e-commerce industry is based on a number of factors:

First, the development history of China's e-commerce industry has been accompanied by the rapid spread of the Internet. Over the years, the Chinese government has attached great importance to the construction of information infrastructure. Broadband penetration and speed, network tariffs, etc. for the development of e-commerce provides strong technical support, cultivated a large user base.

Secondly, China's e-commerce industry has benefited from the development of China's manufacturing and logistics industries. The scale of China's manufacturing industry has ranked first in the world for 13 consecutive years, and the abundant commodities and strong supply chain have provided important support for China's e-commerce development. Meanwhile, e-commerce relies on efficient logistics and distribution. In recent years, China's rapid development of the express delivery industry, and the development of the e-commerce industry to complement each other. Most of China's private courier companies have adopted the franchise model, effectively solving the problem of high courier costs.

Third, the development of China's e-commerce industry cannot be separated from national policy support. Over the years, Chinese government departments have adopted an inclusive and prudent regulatory approach to promote the development of e-commerce by reserving enough space for the development of new business forms under the premise of strictly adhering to the safety bottom line.

Data released by the National Bureau of Statistics shows that in the first three quarters of this year, the country's online retail sales amounted to 10.8 trillion yuan, an increase of 11.6 per cent, 4.8 percentage points higher than the growth rate of total retail sales of consumer goods. Among them, the online retail sales of physical goods increased by 8.9% year-on-year, accounting for 0.7 percentage points of total retail sales of consumer goods over the same period of the previous year. It can be said that e-commerce has penetrated into every aspect of Chinese people's lives, from clothing, food, housing and transport to daily entertainment.

The rapid development of China's cross-border e-commerce has continued to consolidate its advantages and unleash its potential in "buying the world and selling the world", and has become a new engine for the high-quality development of foreign trade. According to Customs statistics, the scale of China's cross-border e-commerce import and export accounted for 4.9% of the total value of import and export of national trade in goods in 2022, which is basically the same as that in 2021. At present, China's cross-border e-commerce overseas warehouses exceed 1,500, with a total area of over 19 million square metres.

At the same time, it is worth noting that in 2016, China and Chile, the first signing of the memorandum of understanding on e-commerce cooperation with the countries of the "Belt and Road", opened the prelude to the "Silk Road e-commerce" international cooperation. So far, China has signed bilateral e-commerce cooperation memorandums with 30 countries, "Silk Road e-commerce" has become a new channel for international economic and trade cooperation and a new highlight, with partner countries on all five continents. Benefiting from the national support for e-commerce, and the concept of common development of the world's countries participating in the Belt and Road, FOSHAN EVER RISING also endeavours to respond to the national call to follow the Council for the Promotion of International Trade to the Belt and Road countries to develop new customers, and is committed to the promotion of FER home furnishings to the increasing number of countries along the Belt and Road, and to bring the trend of KITCHEN STORAGE RACK to the global market. families all over the world. In the future, "Silk Road E-commerce" international co-operation will continue to deepen, will greatly promote the construction of "Belt and Road" countries e-commerce related areas.