BEIJING, Mar. 9 (INP): "Hong Kong, with its status as a free port and one of the world's most liberal economies, offers significant advantages for cross-border e-commerce development," stated Choi Koonshum, a committee member of the Chinese People's Political Consultative Conference (CPPCC) and Chairman of the Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurs Alliance. During this year's Two Sessions, the National People's Congress (NPC) and the CPPCC, multiple Hong Kong CPPCC members expressed their support for leveraging the Guangdong-Hong Kong-Macao Greater Bay Area, particularly Hong Kong's foreign trade advantages, to boost cross-border e-commerce development in China, China Economic Net reported. The goal is to enhance the regional economy and increase international competitiveness. "Although China has strongly supported e-commerce development and the industry has demonstrated strong resilience, cross-border e-commerce still faces certain challenges."

Choi Koonshum highlighted the restrictions faced by cross-border e-commerce in mainland China, such as taxation, logistics and consulting service limitations. In a proposal submitted during the Two Sessions, Choi Koonshum suggested policy support to encourage e-commerce platforms to establish overseas warehouses in Hong Kong. "Establishing overseas warehouses in Hong Kong would enable mainland businesses to handle goods-related issues more smoothly, eliminating the cumbersome process of returning them to mainland China. Hong Kong serves as a convenient transit point for both import and export activities, providing efficient solutions for logistical challenges.  Additionally, the option of legal arbitration in Hong Kong adds to its convenience in resolving disputes," added Choi Koonshum. Lam Kin-ngok, a CPPCC member and Chairman of the Hong Kong Trade Development Council, also proposed further promoting cross-border e-commerce cooperation between Hong Kong and mainland China.

According to the China E-commerce Report (2022), China's e-commerce transaction volume reached 43.8 trillion yuan in 2022, with a year-on-year growth rate of 3.5%. Online retail sales accounted for nearly 14 trillion yuan, growing at a rate of 4.0%.  Cross-border e-commerce imports exceeded 550 billion yuan, accounting for nearly 30% of overall imported consumer goods.  Lam Kin-ngok stated, "The retail market in mainland China is enormous, and the development of e-commerce is fairly mature. Currently, cross-border e-commerce has become one of the crucial channels for imported consumer goods in mainland China, and the Hong Kong business community is actively engaging in e-commerce operations, striving to expand their market presence."

To strengthen cooperation between Hong Kong and mainland China in the e-commerce sector, Lam Kin-ngok proposed expanding the coverage of the national cross-border e-commerce retail import goods list. He also recommended improving port inspection facilities, enhancing interconnectivity, and developing electronic port infrastructure to alleviate the high costs of cross-border logistics. "Hong Kong serves as a crucial node in the construction of the Belt and Road Initiative and can play a pivotal role as a super connector in the development of Silk Road e-commerce," suggested Lam Kin-ngok. His view aligns with Lin Long'an, CPPCC member and founder of Yuzhou Group, who proposed establishing a Silk Road E-commerce pilot zone in the Guangdong-Hong Kong-Macao Greater Bay Area.

"The regional collaborative mechanism for Silk Road e-commerce can fully leverage Hong Kong's advantages as an international financial, shipping and trade center, Macao's China-Portugal economic and trade cooperation platform, as well as the Pearl River Delta as a global manufacturing hub with nine cities being approved as cross-border e-commerce comprehensive pilot zones." said Lin Long'an. Lin Long'an suggested various measures, including developing the Silk Road E-commerce + Industrial Belt model, establishing platforms for incubating Silk Road E-commerce brands, and enhancing trade facilitation and cross-border financial development in the region.  "Through promoting deep integration between the digital economy and advanced manufacturing and modern services, we can construct a more internationally competitive and innovative modern industrial system in the Guangdong-Hong Kong-Macao Greater Bay Area." He added.

Credit: Independent News Pakistan (INP) — Pak China