In the afternoon of September 3rd, Tang Min, former Counselor of the State Council and Chairman of the China Cross border E-commerce 50 People Forum, and Zuo Xiaolei, Senior Advisor of the China Cross border E-commerce 50 People Forum and economist, met with Mr. Richard Nash, Global Vice President of PayPal, and Mr. Liu Zhiyong, General Manager of Government Affairs and Public Policy Department for Greater China and Beijing Regional Head, at the China Association of Trade in Services.

During the meeting, Tang Min introduced the evolution and work priorities of the China Association of Trade in Services and the China Cross border E-commerce 50 People Forum, and shared the latest developments in the China cross-border e-commerce industry.

Mr. Richard Nash, the Vice President, noted that PayPal, a payment enterprise established in the United States in 1998, serves more than 200 countries and regions worldwide. PayPal is committed to long-term investment and development in China, having established a subsidiary in China as early as 2004 and continuously increasing investments. In January 2021, PayPal obtained a payment license approved by the People's Bank of China, becoming the first foreign payment institution authorized to provide online payment services in China. PayPal's primary focus in China is to serve the vast number of Chinese cross-border e-commerce merchants in going global, providing them with efficient, secure, and low-cost cross-border fund settlement services.

In recent years, with the strong support of governments at all levels in China, the cross-border e-commerce industry has developed rapidly, with Chinese-made products being sold globally, becoming an important driving force for foreign trade development, which also represents a significant opportunity for PayPal's development in China. From the perspective of China's cross-border e-commerce export industry, several diversification trends have emerged in recent years. Firstly, there is diversification in sales channels. Merchants have shifted from relying on overseas e-commerce platforms such as Amazon and eBay for sales to building their own independent websites for online sales directly connecting with overseas end-consumers and building their own brands. Secondly, there is diversification in sales regions. From primarily exporting to European and American markets, merchants are now actively expanding into Southeast Asia, the Middle East, and Latin America, enriching the regions to which cross-border e-commerce exports are made. Thirdly, there is diversification in sales entities. In traditional foreign trade relationships, large merchants were mostly dominant, but now, small and medium-sized merchants and even individual merchants are rising.

In this process, PayPal focuses on helping the vast number of small and medium-sized Chinese cross-border e-commerce merchants build their brand influence and technological differentiation advantages, become familiar with overseas markets, and conduct business in compliance; PayPal leverages artificial intelligence to adapt to the new requirements of the digital economy era. PayPal looks forward to continuing to work with the China Association of Trade in Services and the China Cross-border E-commerce 50 Forum in the future to support small and medium-sized enterprises participating in the cross-border e-commerce industry; support cross-border e-commerce sellers in transitioning from platforms to independent websites; help cross-border e-commerce merchants understand target markets and reduce the complexity of overseas sales; and explore active attempts in the field of cross-border data transmission.