Paypal launches foreign trade portal site in China

Paypal officially launched a new portal for foreign trade to provide a professional "one-stop service of external trade," Paypal representatives announce on Aug. 19 during the 2010 China Internet Conference.

According to sources, the portal will provide services including establishing foreign trade Web sites, overseas marketing, payment and shipping as well as helping Chinese small and medium enterprises to lower the threshold and cost of cross-border e-commerce.

"Asia and China will be the highlight of global e-commerce development, and China's cross-border e-commerce is entering its second phase of high growth. We are willing to be the cultivator and promoter of China's cross-border e-commerce market," said Yao Chengzhang, vice president of the Greater China Region of Paypal.

Paypal will face competition from Alibaba. Alibaba started to provide a foreign trade platform for small enterprises as early as around 2000 and has now become a major global online trading market. Alipay under the Alibaba is also Paypal's biggest rival provider of payment services in China.

Forrester Research, an independent market research company, released its analysis of China's major foreign trade partners. It estimated that in 2013 the e-commerce markets of the United States and Japan will reach 343 billion U.S. dollars and around 360 billion U.S. dollars, respectively. The size of China's e-commerce market will reach nearly 210 billion U.S. dollars, which is nearly two-thirds that of the United States.

By People's Daily Online
Additional support provided by LOTO