OSell rides e-payments to robust growth

Supported by more than 1,000 employees, OSell has established service branches and China-oriented brand centers in Moscow, Warsaw, Ho Chi Minh City, Dubai, New Delhi, Toronto, Duisburg, Jakarta and Sao Paulo, as well as many cities in Saudi Arabia, Bahrain and other countries and regions, to introduce their quality products to China and set up localized overseas teams to integrate all local resources from abroad.

Founded in 2010, the Chinese company's sales revenue soared 30 percent on a yearly basis to reach 40 billion yuan ($6.25 billion) in the first nine months of this year.

Data from the General Administration of Customs showed that China's foreign trade in goods totaled 28.33 trillion yuan in the first three quarters, up 22.7 percent year-on-year.

With several policies to promote the development of a new mode of foreign trade and facilitate cross-border trade transactions, China's cross-border e-commerce trade rose 20.1 percent between January and September, and exports through market procurement trade posted an increase of 37.7 percent over the period.

China's cross-border e-commerce has grown nearly tenfold over the past five years. Domestic firms currently run more than 1,900 overseas warehouses and about 130 bonded maintenance projects of processing trade across the world, said Li Xingqian, director-general of the foreign trade department at the Ministry of Commerce.

Foreign trade via cross-border e-commerce climbed 31.1 percent to 1.69 trillion yuan in 2020, with over 10,000 traditional trade firms going online for the first time in 2020.Many adopted digital solutions, including big data, business-to-business or B2B platforms and online exhibition activities, to attract overseas customers and boost sales.

Apart from planning to increase its foreign trade volume from $4.65 trillion in 2020 to $5.1 trillion by 2025, China will expand the proportion of new forms of foreign trade from 7 percent of the total last year to 10 percent in 2025 to foster new competitive strengths, the ministry said in a 14th Five-Year (2021-25) commercial development plan it published in July.

To spur new forms and models of foreign trade, China will encourage its pilot free trade zones and comprehensive bonded areas to build global supply warehouses and transportation hubs during the 14th Five-Year Plan period, said Li Kuiwen, director-general of the General Administration of Customs' statistics and analysis department.

Under the administration's five-year plan, the government will support companies to conduct bonded research and development and support the expansion of the range of bonded maintenance and remanufacturing businesses, while introducing new forms of Customs clearance facilitation measures for companies engaged in certain businesses like cross-border e-commerce, procurement trade and overseas warehouses.