China issues draft rules to expand cross-border e-commerce

China on Tuesday issued draft rules to promote construction of overseas warehouses and expand cross-border e-commerce businesses, which have become a vital force in its foreign trade, according to the Chinese commerce ministry. Companies including Shein, PDD Holdings' Temu and Alibaba's AliExpress, which predominantly ship made-in-China products "cross border" to markets around the world have been rapidly growing in recent years. This has opened a new avenue for growth for some firms previously focused on domestic consumption, which remains muted by a macroeconomic slowdown, prolonged property crisis and income insecurity. The commerce ministry's announcement, which covered draft rules for both…