Cross-border e-commerce trade between China and Russia is booming and has become a new growth point for bilateral economic and trade relations.
The two countries signed the memorandum of understanding (MoU) on e-commerce cooperation in last June to establish a bilateral e-commerce cooperation mechanism, which echoed the new trends of China-Russia economic and trade cooperation.
China's Commerce Ministry data showed that China-Russia cross-border e-commerce hit 3.7 billion U.S. dollars from January to September last year, up 23 percent year on year. Andrey Denisov, Russian ambassador to China, said the number would surpass four billion U.S. dollars at the end of 2018, according to Sputnik News.
Silk Road e-commerce, which was introduced alongside the Belt and Road Initiative (BRI), stands as a new opportunity for China-Russia e-commerce trade as Russia is paying more attention to its e-commerce market.
Russia's e-commerce market has witnessed stable growth in recent years due to an increasing number of Russian consumers who are willing to buy products from overseas websites.
Morgan Stanley predicts that the e-commerce market in Russia will value 50 billion U.S. dollars in 2020, which signals huge potential for bilateral e-commerce cooperation.
China-Russia e-commerce business opportunity
China accounts for about 90 percent of the total cross-border shipments to Russia, and about half of Russia's cross-border e-commerce turnover.
In May 2015, Chinese e-commerce giant Alibaba established its first headquarters in Russia, aiming to improve its services and cooperation with the Russian government. On June 18, JD.com officially launched its Russian site, opening up the Russian market.
Online Chinese shops are popular in Russia, as Yandex found that the most frequently searched words alongside "China" is "shop", "product" and "delivery". Research group GFK showed that the number of visits by Russian consumers on Chinese online shops increased from 25 percent in 2013 to 39 percent in 2014.
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