Hangzhou has unveiled an ambitious action plan to promote the high-quality development of cross-border e-commerce, including five specific actions and financial support measures.

According to the plan, Hangzhou aims to increase its total cross-border e-commerce exports to over 140 billion yuan ($20 billion) by the end of 2026, doubling the target set for 2024.

The five specific actions include improving the quantity and quality of market entities, expanding e-commerce infrastructure, and upgrading the business environment and services.

It will also take 24 measures through organizational support, coordinated efforts and effective promotion to ensure policies are properly implemented and lead to results.

Hangzhou has also introduced 13 financial support policies, including three multi-million-yuan and 10 million-yuan support policies. These include a 30-million-yuan logistics capacity voucher program, with a maximum subsidy of 1 million yuan per enterprise; incentives of up to 10 million yuan for individual cross-border e-commerce support; and financial support ranging from 300,000 yuan to 1 million yuan for activities such as establishing industrial parks, cross-border live streaming, and brand promotion.

Legal aid and financing support will also be provided to promote the comprehensive development of cross-border e-commerce.