Five major articles focusing on finance and focusing on strengthening digital finance. Recently, the country’s first digital renminbi cross-border e-commerce retail import tax payment business was launched in Qingdao.
Under the guidance of the Qingdao Branch of the People’s Bank of China and Qingdao Customs of the People’s Republic of China, China Merchants Bank Qingdao Branch relied on the core advantages of digital renminbi to assist HAQD Co., Ltd. to complete the online payment of taxes and fees of 102,900 yuan.
This business opens up the digital channel for cross-border e-commerce tax collection and management, expands the application scenarios of digital RMB port government affairs, and injects digital financial momentum into the development of new regional foreign trade formats.
This demonstrates the vivid practice of China Merchants Bank Qingdao Branch to deeply engage in digital finance and benefit market entities with innovative services.
As a key area for digital renminbi pilot projects, Qingdao Port has outstanding advantages in cross-border e-commerce industry agglomeration, and its development vitality continues to burst out.
Cross-border e-commerce companies in the bonded zone pay taxes frequently, with scattered volumes and strict timeliness requirements.
The traditional bank clearing and tax payment model is restricted by fixed service hours, cumbersome manual reconciliation, and delayed fund arrival. It increases the company’s manpower, time, and capital turnover costs. It is difficult to adapt to the lightweight and efficient operating rhythm of cross-border e-commerce, and restricts the upgrade of cross-border trade facilitation.
Write great articles on digital finance and leverage technology and finance to improve quality and efficiency.
Based on the original intention of serving the real economy and empowering the transformation and upgrading of foreign trade, China Merchants Bank Qingdao Branch is deeply involved in the field of port financial digitalization, focusing on the limitations of traditional tax payment models, connecting the digital RMB wallet with the China International Trade Single Window system, and building a fully online, intelligent, and real-time service system for cross-border e-commerce retail import tax payment.
Compared with traditional online banking transfer and offline tax payment modes, the digital RMB tax payment process is efficient and convenient.
After the enterprise completes the customs declaration, it can independently handle tax payment online through the digital RMB wallet. There is no need to submit paper materials offline or manual review and transfer during the entire process, making the operation simple and efficient.
Relying on the legal currency attributes of the digital renminbi, the business can realize immediate settlement of payment and real-time warehousing of funds, effectively shortening the customs clearance time.
At the same time, the digital RMB supports 24/7 transactions, breaking the time limit of traditional financial services. Enterprises can flexibly handle taxes, effectively improve the convenience and autonomy of cross-border customs clearance, and continuously enrich the application scenarios of digital financial cross-border services.
This innovation is an important breakthrough in the application scenarios of digital renminbi, realizing its extension from daily people’s livelihood consumption scenarios to the core areas of cross-border government affairs and foreign trade finance. It is a vivid practice of fintech empowering new foreign trade formats and writing a great article on digital finance.
The new tax payment model helps enterprises reduce burdens and increase efficiency, reduce operating costs and capital occupation pressure, provide support for the steady development of small and medium-sized cross-border e-commerce enterprises, and promote the digital and efficient transformation of port tax collection and management.
As an important part of the five major articles, digital finance is the key to promoting the transformation and upgrading of the financial industry, smoothing the lifeline of the real economy, and assisting the development of opening up to the outside world.
In the next step, China Merchants Bank Qingdao Branch will take this first business in the country as an opportunity to optimize the functions of the digital RMB cross-border tax payment system, expand business coverage, and enrich the cross-border trade digital service ecology.
Adhere to the direction of the five major articles, continue to delve into digital financial innovation, rely on financial technology to empower the transformation and upgrading of the foreign trade industry, and fully promote the high-quality and intelligent development of the regional cross-border e-commerce industry.
