CHINA’S cross-border e-commerce has gained momentum amid the COVID-19 epidemic, providing broader market opportunities and driving domestic consumption growth.

The market size of cross-border e-commerce in China topped 14.6 trillion yuan (US$2.25 trillion) in 2021, putting the compound annual growth rate of the market at approximately 18% in the past five years, according to a report by consultancy firm EY.

The penetration of cross- border e-commerce has also risen, with the rate reaching 40% last year, data from the report showed.

“China’s cross-border e-commerce market has remained on a fast track since 2015,” said the report, giving credit to the country’s supportive policies.

China began setting up cross-border e-commerce pilot zones as early as 2015 in Hangzhou, Zhejiang Province, to trial the new business form and digitalize its trade channels.

In February, the country revealed its sixth batch of 27 cross-border e-commerce pilot zones, bringing the total to 132.

China’s cross-border e-commerce has achieved coordinated development across different regions, said the Ministry of Commerce.

The pilot zones have covered almost all provincial-level regions in China. (Xinhua)