The General Administration of Customs (GAC) announced on Tuesday the launch of a new insurance program designed to support cross-border commerce.
To enhance the business environment and facilitate cross-border e-commerce retail import trade, the GAC on Tuesday initiated a pilot program for cross-border e-commerce retail import tariff guarantee insurance in the cities of Qingdao, Hangzhou, Ningbo, Jinan, Chongqing, and Chengdu.
Cross-border e-commerce enterprises now have additional options for securing insurance guarantee customs clearance, complementing the original two modes: deposit and bank guarantee. With insurance documentation, these enterprises can benefit from the convenience of "post-release duty payment" when their imported goods clear customs.
The retail import tariff guarantee insurance in cross-border e-commerce requires that qualified insurance companies provide tariff guarantees for cross-border e-commerce enterprises. If these enterprises fail to pay customs duties in accordance with regulations, the relevant insurance companies will cover the outstanding tax payable to customs as specified in the insurance contract. This model eliminates the need for enterprises to secure a quota from the bank through physical collateral or to pay a substantial tariff deposit.
"The rate of tariff guarantee insurance is about 1.5 percent, and the guarantee amount can be used repeatedly throughout the year, with one application being valid for the entire year," said Bi Haijun, director of the Tariff Department of Qingdao Customs.
China launches new insurance to support cross-border commerce
Residents living in Canada's biggest city of Toronto have expressed optimism that Canadian Prime Minister Mark Carney's official visit to China can unlock new economic opportunities, particularly in key fields such as artificial intelligence and infrastructure.
Carney is set to arrive in China on Wednesday to begin a four-day visit at the invitation of Chinese Premier Li Qiang, marking the first trip by a Canadian prime minister to China since 2017.
A Chinese foreign ministry spokesperson confirmed Chinese President Xi Jinping will meet with Carney during his stay to provide new strategic guidance for further improving and developing China-Canada relations.
Giving their assessment of the significance of the visit and the outcomes they hope to see achieved, local people in Toronto pointed to the importance of deepening cooperation and view the high-tech sector as one of the most pivotal areas where ties can be enhanced.
"I think, of course, China is probably the leader in AI and new technologies. So, I think Canada can really benefit from Chinese expertise on some of the chip manufacturing or just the use of AI in the medical field, in every other finance field and everything. So, I think this can be very important for Canada to learn from China," said Raman, the provincial liaison manager at the Canadian Federation of Independent Business.
"I think it is a good idea to strengthen relations with other countries and other trade partners that have been probably more consistent. And especially with things going on in electronics right now and chip manufacturing, I do think that it makes sense at this point in time to be reaching out to China," said Jen, a local nurse.
Some see Carney's visit as an opportunity to broaden the economic agenda in various other key areas.
"I'm actually pretty looking forward to it because they could talk a lot about trade. That could be a good opportunity for Canada and China to explore some other export opportunities on energy, and also, maybe pipeline building, infrastructure building, and also, real estate investment and agriculture," said Xiong Lulu, an equity research analyst.
Looking ahead, many residents emphasize that much depends on whether Carney's visit can translate into concrete agreements.
"It would be nice. I hope there's some kind of good relationship between China and Canada. That would be like a great opportunity that we would miss if we didn't create that relationship with them. So, hopefully, in hindsight, [in] 2026 it does happen," said John, a software developer.
"I think if they can settle some trade deals, that will be great. So, I think it will be great for the Canadian economy," said Xiong.
President Xi and Carney last met on the sidelines of the 32nd APEC Economic Leaders' Meeting in the Republic of Korea (ROK) in October, with both sides agreeing to resume exchanges and cooperation in various fields and jointly advance the development of the China-Canada strategic partnership.
Toronto residents optimistic about Canada-China cooperation prospects
