Data show that the rebound in global trade this year is much faster than that of the 2008 financial crisis, which has not only boosted many sectors of the global economy, but also made cross-border e-commerce, which is more dynamic, a focus of attention for all countries. Industry insiders believe that governments should strengthen coordination in developing cross-border e-commerce and explore the formulation of global rules to contribute more to the future recovery of global trade.
Trade in many countries has picked up rapidly
Following the COVID-19 outbreak, international trade in goods has suffered its biggest year-on-year decline since the Great Depression. Global trade is still below pre-epidemic levels, but has rebounded strongly.
By June, the historic loss in global trade this year had recovered about half, according to the Kiel Institute for World Economics, a German think-tank. New export orders rose in 14 of the 38 economies tracked by RESEARCH firm IHS Markit in August, compared with just four in June, and the rest are moving in the right direction and may soon start to grow.
Global cargo volume data show that shipping activity has also returned to normal at some other ports in the US, Asia and Europe. As demand for goods has picked up, freight rates on some key routes have been much higher than before the outbreak. If this trend continues, trade could play a bigger role in the global economic recovery than expected.
"Trade is proving to be a more resilient area of the economy," said Stephen Roach, chief economist for Asia Pacific at S&P global Ratings. 'Even if you can't go on vacation, you can buy yourself a new laptop,' he says.
According to the Wall Street Journal article, consumers are spending as much as ever on imported goods, supported to some extent by government cash handouts.
In a recent analysis of global trade, the Kiel Institute looked at data from the 2008-09 recession and found that it took 13 months for trade volumes to recover to the levels reached in just two months this year, said Daniel Fairbermaier, director of the Kiel Institute for World Economics. One reason, he says, is that this year's contraction in trade was not a long-term collapse in demand. Exports and imports are likely to recover quickly as the government re-opens the border and eases restrictions on social activities.
Cross-border e-commerce is gaining momentum
At present, the recovery of global trade is threatened by uncertainties such as the rebound of the epidemic, while cross-border e-commerce has become the main force to stabilize the trade situation with the advantages of online trading and contactless delivery. At the 5th China Cross-border E-commerce 50 Forum held in Zhengzhou, China, Chinese and foreign industry participants agreed that strengthening cross-border e-commerce cooperation and exploring the formulation of global rules are the top priorities.
Long Yongtu, consultant of China Service Trade Association, former Vice Minister of Foreign Trade and Economic Cooperation, and former secretary general of Boao Forum for Asia, said that the rules of international cross-border e-commerce have been formed by summarizing the experience, lessons and practices of cross-border e-commerce in various countries. At present, China's cross-border e-commerce has been at the forefront of the world, exploring the formation of some regulatory mechanisms and other relevant mechanisms. In the face of the epidemic, China has put forward new measures and achieved new development. On the basis of careful summary of practical experience, we should strive to form a truly practical and more acceptable new rules system, so as to make China's contribution to the global development of cross-border e-commerce rules system.
Kazakh Ambassador to China Habiit Khoishbayev said that without the support of international consumption, it is difficult for countries to develop further, and the further development of cross-border e-commerce is a common vision. "Kazakhstan is taking measures to stimulate the development of e-commerce and making efforts to promote different enterprises on international e-commerce platforms. It has now selected 10 companies as gold suppliers to cooperate with Alibaba. At the same time, actively create kazakhstan's own digital trading platform." He said.
Xu Ping, President of Henan Bonded Group, analyzed the current situation of cross-border e-commerce from the perspective of practitioners, and believed that in the future, cross-border e-commerce will have fierce competition in three fields: vertical sites, global 72-hour delivery supply chain, and cod. She said that to accelerate the development of cross-border e-commerce, international cooperation needs to be strengthened. China should strengthen credit investigation services, preferential tax policies and platform support for cross-border e-commerce, and suggest differentiated development of small and medium-sized e-commerce enterprises.
Reporters learned from the forum that Henan province has integrated the development of cross-border e-commerce into the overall pattern of opening up, forming the "four ways" of online, air, road and sea, and actively exploring the new situation, new rules and new measures of cross-border e-commerce in the post-epidemic era.
It is understood that Zhengzhou Economic and Technological Development Zone is the first six-star industrial cluster in Henan Province. It aims to seek new forms, new models and new ideas of foreign trade around the new situation, new rules and new measures of cross-border e-commerce, and give full play to the leading and driving role of cross-border e-commerce in the process of trade globalization.
Multiple measures to promote the development of the industry
China's practices and achievements in the field of cross-border e-commerce have attracted wide attention. In the future, it is expected to enhance the influence of the industry and lead the development of the global industry through policy support, talent training, foreign exchanges and other measures.
Long yongtu said, cross-border electricity is one of the important Bridges, domestic and international dual cycle from the aspects of cross-border electricity imports, the outbreak tumbled against the background of global trade and investment, China still will continue to expand imports to meet domestic demand for diversified individualized, by increasing import pull the surrounding countries and the international community, leading to the recovery of the world economy. From the perspective of cross-border e-commerce export, China will give full play to the role of cross-border e-commerce in stabilizing foreign trade and promoting export. China will still be deeply integrated into the global industrial chain and supply chain with an open attitude, and boost the great international economic cycle with high-level opening-up.
Dang Xiaohong, deputy director general of the Port Supervision Department under the General Administration of Customs, said that cross-border e-commerce is one of the important measures to deal with the current complex external environment and has great potential in the process of building a new development pattern of "double cycle". In the next step, the General Administration of Customs will continue to provide supervision services for cross-border e-commerce, promote consumption and expand the domestic market. At the same time, it will summarize the results of the pilot reform of cross-border E-COMMERCE B2B export and replicate and promote it across the country.
Tang Min, a counselor of the Counsellors' Office of the State Council, suggested that the equity financing mechanism for small and micro businesses be further improved and the training of cross-border e-commerce talents be strengthened.
"For a long time, cross-border e-commerce small and micro businesses face financing difficulties. At present, Tencent's Webank, Alibaba Ant Financial, Dunhuang Network Supply Chain Finance, PingPong financial products and other financial products are trying to solve the loan problem of small and micro e-commerce merchants. At the same time, research institutions will evaluate the equity financing of small and micro businesses based on data analysis." Shang Min said.
Tang said that the structure of the Global Cross-border e-commerce Institute has been set up, and an expert committee consisting of UN international organizations, national ministries and commissions, universities and leading enterprises in cross-border e-commerce industry chain has been set up. Organized and compiled a series of cross-border e-commerce textbooks and standards for cross-border e-commerce talents, and completed research reports on cross-border e-commerce related policies.
"I have proposed the establishment of a cross-border e-commerce university to train cross-border e-commerce talents for China and the world. "The training program is not limited to individual countries or academic hours, but aims to provide relevant skills and employment opportunities for all countries. I believe it will serve as an excellent bridge for exchanges between China and foreign countries." Shang Min said.