Delegates attend a panel discussion entitled "E-Commerce and Cross-Border Trade" at the Fifth China-U.S. Governors Forum in Lexington, Kentucky, the United States, on May 24, 2019. China's fast growing e-commerce market offers great opportunities for U.S. companies, experts have said, urging the two sides to enhance cooperation in this area. Photo: Xinhua

 

Delegates attend a panel discussion entitled "E-Commerce and Cross-Border Trade" at the Fifth China-U.S. Governors Forum in Lexington, Kentucky, the United States, on May 24, 2019. China's fast growing e-commerce market offers great opportunities for U.S. companies, experts have said, urging the two sides to enhance cooperation in this area. Photo: Xinhua

China's fast growing e-commerce market offers great opportunities for US companies, experts have said, urging the two sides to enhance cooperation in this area.

"There are tremendous opportunities for US companies to access Chinese consumers through cross-border e-commerce," said Alan Turley, deputy assistant secretary for China and Mongolia in the US Commerce Department.

"It is not only a market of tremendous volume, it's a market of tremendous innovation and tremendous dynamism," Turley said in a keynote speech at the Fifth China-US Governors Forum held in the US state of Kentucky.

China General Chamber of Commerce - USA Chairman Xu Chen said China's online consumer market is "expanding rapidly," which means great potential for US companies in the coming years.

"Many US products, especially those from small and medium-sized enterprises, are products that Chinese consumers want to buy," Xu, who also serves as the president and CEO of Bank of China USA, told Xinhua at the three-day forum, which concluded Friday.

To facilitate cross-border e-commerce transactions, Xu said, Bank of China has developed an e-payment channel which connects Chinese and US e-commerce platforms and helps promote business exchanges.

Along with tremendous opportunities, Turley said there are also some challenges in cross-border e-commerce, including the compatibility of standards.