Shandong's FTZ streamlines cross-border e-commerce

Weifang Comprehensive Free Trade Zone achieves a significant efficiency breakthrough in cross-border e-commerce. [Photo provided to chinadaily.com.cn]

The Weifang Comprehensive Free Trade Zone – located in East China's Shandong province – has achieved a significant efficiency breakthrough in cross-border e-commerce, by reducing the tax payment process from three days to just one minute.

The innovation is said to mark a new era in foreign trade, with the Jinan Customs District successfully implementing the first electronic tax payment service for e-commerce retail imports.

The new system, which operates entirely online, allows businesses to complete tax payments swiftly without the need for staff to leave their offices. Shandong Ruxi Cross-Border E-Commerce, the first company to utilize the system, reported substantial time and effort savings.

Weifang Customs is actively promoting the service, with six companies already signed up and over 500,000 yuan ($69,455.63) processed. The system not only simplifies transactions but also quickly releases a company's tax guarantee limits, easing financial pressures.

Looking ahead, the Weifang Free Trade Zone is understood to be committed to enhancing its business environment, aiming to become a model of high-quality development for cross-border e-commerce. (Edited by Fan Yuanyuan)