PayPal to Develop E-Commerce Hub in SW China
Dec. 30, 2010
Elsewhere in China, Paypal will help set up an international e-commerce hub in the country’s southwestern region as more foreign companies cash in on the country’s fast-growing Internet sales market. Paypal and the government of Chongqing said in a statement that they have signed a deal to jointly develop a foreign exchange settlement platform in the mega-city to enable users to pay for cross-border online shopping transactions. They also agreed to set up five international e-commerce centers over the next few months for verification, investment promotion, national telesales, merchant training and regional business development. “This agreement will help Chongqing become China’s settlement centre for international e-commerce,” said the city’s mayor, Huang Qifan. “It will also contribute to the development of Chongqing into the financial services centre of west China.” Chongqing has become a popular destination for foreign companies wanting to set up operations away from coastal regions, where rising wages and a labor shortage have driven up their costs.