Recently, Meida Global Technology Industry Co., Ltd got a loan of RMB 170,000 with preferential rate from CITIC Bank, marking the successful establishment of the financing platform for companies engaged in cross-border e-commerce in China (Jiangsu) Pilot Free Trade Zone. 

After many visits of Jinling Customs, under the guidance of Nanjing Customs, to relevant companies together with commercial, taxation, and financial institutions and authorities of the Pilot Free Trade Zone Nanjing Area, this pilot program was rolled out to address the issue of delayed tax rebate for companies in the Nanjing Area engaged in cross-border e-commerce. The program set up a public service platform to provide financial services specially to cross-border e-commerce businesses exporting goods to overseas warehouse (customs regulation code: 9810). After the verification of information on goods declaration and departure by the customs, the platform would “paint” an accurate “portrait” of the company according to data on its business performance, risks, and credits from social credit information systems such as the customs and tax ratings, based on which financial institutions can make decisions on financial support to companies exporting to overseas warehouses. Under the framework, Meida Global, who exported temperature and humidity meters to the overseas warehouse of Amazon in Germany in mid-October, was able to get a loan with preferential rate three days after the departure of goods. In this way, enterprise funds are put into more efficient use.

Recent years have seen fast development of new forms and models of foreign trade in China, in which cross-border e-commerce grew tenfold in scale in five years, contributing greatly to foreign trade stability against the impact of the epidemic. The newly opened platform will help shorten the span of export tax rebate period from the former 180 days to three working days, and will be able to provide whole-chain financing for tax rebate parts, payment for goods, and freight cost. To better facilitate the development of companies engaged in cross-border e-commerce in China (Jiangsu) Pilot Free Trade Zone, Jinling Customs, while guarding against risks, will work together with relevant departments to further improve the platform as a step toward building a new financing service system fit for new forms of cross-border e-commerce, under multi-departmental supervision and covering all areas and chains.