BUSINESS Top domestic trade platform offers financial aid to export companies

BUSINESS

Top domestic trade platform offers financial aid to export companies

By He Wei in Shanghai | chinadaily.com.cn

20:08, July 07, 2020

Homepage of 1688.com, China's top domestic trade platform. (Photo: Screenshot of 1688.com)

1688.com, China's top domestic trade platform, has announced a renewed package of aid from finance to digital solutions to help export-driven enterprises weather the COVID-19-derived storm.

The site under Alibaba Group pledged to offer real-time collection of money worth 60 billion yuan ($8.5 billion) to prevent companies from getting cash-strapped, said Wang Hai, Alibaba's vice-president and general manager of the site.

The platform also planned to extend 9 billion yuan worth of low-interest-rate loans.

Using Alibaba's big data analysis on customer preferences, export-driven companies can quickly adapt their portfolio to meet the needs of domestic clients to boost sales.

Wang said companies also stand to enjoy logistics solutions provided by Alibaba's logistics arm Cainiao Network, where storage, transportation, and delivery are digitalized and monitored in real time to trim costs and raise efficiency.

It also will provide training courses on the domestic market landscape and digital operations.

The latest wave of actions is adding to a swath of measures taken in April to help export-driven companies navigate the domestic market. The site has vowed to help 1 million export-driven plants realize over 1 trillion yuan's sales in three years via the platform.

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