Made-in-China.com cancels guarantee deposit

Made-in-China.com, a comprehensive service platform for foreign trade, just upgraded its online trade services by lowering its guarantee deposit from $3,000 to zero, a move aimed to encourage more Chinese suppliers to use the online trade services.

"We hope to lower the threshold for small and medium-sized foreign trade companies by removing the guarantee deposit so that more quality suppliers can join us, including those who used to run domestic trade and now are beginning to run foreign trade businesses," said Li Lei, president of Made-in-China.com.

With cross-border online businesses fast developing, cross border payment attracts more attention. Usually, Chinese suppliers will pay some transaction commission and withdrawal fee during the cross-border online transactions and Made-in-China.com aims to cut those fees through their online services, helping small and medium-sized B2B companies cut costs and improve efficiency, according to Li.

China's foreign trade in goods reached 9.42 trillion yuan ($1.48 trillion) in the first quarter, up 10.7 percent year-on-year, data from the General Administration of Customs showed on Wednesday.

Exports grew by 13.4 percent on a yearly basis to 5.23 trillion yuan while imports increased by 7.5 percent to 4.19 trillion yuan.

Kaifusai Julaiti contributed to this story