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Qianhai groups face rising tariffs

2016-April-25       Source: Szdaily.com

At Thursday's press briefing in Guangzhou to celebrate the first anniversary of the establishment of the Guangdong Free Trade Zone, the authorities highlighted attempts to set up the Qianhai Cross-border Financial Index (QCFI), which would help maintain the sustainable development of the economy, and reassure the development of cross-border e-commerce.

At Thursday's press briefing in Guangzhou to celebrate the first anniversary of the establishment of the Guangdong Free Trade Zone, the authorities highlighted attempts to set up the Qianhai Cross-border Financial Index (QCFI), which would help maintain the sustainable development of the economy, and reassure the development of cross-border e-commerce.

According to the authorities, the QCFI was created by the Qianhai Institute for Innovative Research and Hong Kong University. It is another new financial measure along with the RMB cross-border loan.

In 2015, the index increased to 4,617, almost double the figure of 2014. It indicates that the total cross-border loans and the added value of registered enterprises increased rapidly.

On April 7 and 15, national Positive Lists on Cross-border E-commerce of Imported Commodities at Retail were released. The tariff of some commodities such as watches and perfumes will be doubled.

But the Qianhai authority said Tuesday that the positive lists will help regulate the immature e-commerce business and help traders make a long-term business strategy.

"It won't affect the development of Qianhai's e-commerce," said Wang Jinxia, assistant director-general and spokesperson of the Authority of the Qianhai Shenzhen-Hong Kong Modern Services Industry Cooperation Zone of Shenzhen.

"The prices of some commodities will be higher but prices for commodities such as electronic appliances will be lower. Customers will find some lower-priced goods at our cross-border store. In fact, the policies will help the companies develop a stable and healthy business."

At one of Qianhai's biggest cross-border e-commerce stores, CTFHOKO, an employee surnamed Xie from Hong Kong-based cosmetics chain Sasa said business seemed stable.

"We usually receive around 200 customers during the weekends since opening. Some South Korean and Hong Kong cosmetics brands are very popular," he said. "Although the duty-paid goods are more competitive than other goods in the store, some customers are still willing to buy those duty-unpaid goods. I don't feel the positive lists have influenced our sales."

By the end of March, over 40,000 financial enterprises had registered in Qianhai. A second cross-border e-commerce mall is under construction.

Editor: Chan

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