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Alibaba Group， parent company of China’s largest consumer-to-consumer portal， Taobao， joined hands with several partners to kick off a logistics network program on May 28 in Shenzhen， south China’s Guangdong Province.
The program， which will have a full investment of 300 billion yuan （$48 billion）， will build up logistics facilities nationwide to enable parcels in some 2，000 Chinese cities to be delivered within 24 hours of online purchasing， according to Alibaba founder Jack Ma.
The China Smart Logistics Network will be run by Rookie Network Technology Co. Ltd.， which was jointly established by Alibaba， Intime Department Store Group Co. Ltd.， as well as the country’s major delivery companies such as Shentong Express， ZTO Express and YTO Express， and other investors.
According to Ma， there are currently about 25 million parcels delivered every day in China， and that figure is expected to rise to 200 million in 10 years.
Offshore yuan Center
The Industrial and Commercial Bank of China （ICBC） plans to create a yuan cross-border business center in Luxembourg to serve Europe， said the bank on May 28.
ICBC Europe’s cross-border trade financing in yuan amounted to 10.8 billion yuan （$1.7 billion） in 2012， and its cross-border transactions reached a total of 25.9 billion yuan （$4.23 billion）， according to Xu Zhi， head of ICBC Europe’s financial markets department.
During the first four months， ICBC Europe was more dynamic in its yuan business， recording 17.5 billion yuan （$2.86 billion） on the financing of crossborder trade and 16.4 billion yuan （$2.68 billion） on cross-border transactions.
ICBC launched its yuan cross-border business in 2009. Its yuan compensation network now covers nearly 70 countries and regions， and its yuan cross-border business has reached a total amount of 3 trillion yuan （$489.6 billion）.
The program， which will have a full investment of 300 billion yuan （$48 billion）， will build up logistics facilities nationwide to enable parcels in some 2，000 Chinese cities to be delivered within 24 hours of online purchasing， according to Alibaba founder Jack Ma.
The China Smart Logistics Network will be run by Rookie Network Technology Co. Ltd.， which was jointly established by Alibaba， Intime Department Store Group Co. Ltd.， as well as the country’s major delivery companies such as Shentong Express， ZTO Express and YTO Express， and other investors.
According to Ma， there are currently about 25 million parcels delivered every day in China， and that figure is expected to rise to 200 million in 10 years.
Offshore yuan Center
The Industrial and Commercial Bank of China （ICBC） plans to create a yuan cross-border business center in Luxembourg to serve Europe， said the bank on May 28.
ICBC Europe’s cross-border trade financing in yuan amounted to 10.8 billion yuan （$1.7 billion） in 2012， and its cross-border transactions reached a total of 25.9 billion yuan （$4.23 billion）， according to Xu Zhi， head of ICBC Europe’s financial markets department.
During the first four months， ICBC Europe was more dynamic in its yuan business， recording 17.5 billion yuan （$2.86 billion） on the financing of crossborder trade and 16.4 billion yuan （$2.68 billion） on cross-border transactions.
ICBC launched its yuan cross-border business in 2009. Its yuan compensation network now covers nearly 70 countries and regions， and its yuan cross-border business has reached a total amount of 3 trillion yuan （$489.6 billion）.