Latest News:  
Beijing   Cloudy/Light rain    13 / 7 ℃  City Forecast


360buy inks supply chain financing pledge with BOC (2)

By Zhang Ye (Global Times)

14:01, November 29, 2012

However, may still have a hard time competing with Alibaba Group's online shopping platforms in the short term, given Alibaba's competitive edge in logistics costs and online payment, Lu Zhenwang, an independent e-commerce analyst, told the Global Times Wednesday.

Lu said that is burdened with delivery costs since it runs logistics services itself, and cannot always pay bills to suppliers in a timely fashion.

BOC has currently given out 110 loans worth 100 million yuan in total to 17 suppliers, said Fan Wenfeng, general manager of the International Settlement Department with the BOC's Beijing branch Tuesday. He noted that suppliers who get funds from the BOC must have third-party credit insurance companies insure their sales contracts with

China Business News said Wednesday that launching the supply chain financing service means has expanded its efforts to compete with B2C rival Alibaba Group from consumers to suppliers.

Alibaba started providing loans in 2010, and by June 2012 had offered 26 billion in yuan loans to 130,000 small and medium-sized sellers via its online payment platform Alipay.

The new supply chain financing platform will relieve the financial burden on suppliers, which over the past year have had to wait for up to three months to get paid, said Lu.

【1】 【2】

Recommended Features:
Vibrant Opportunities amid Transition From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance
The Vision of A Pillar Industry China: A Fast-growing Force in IPR IPR in China: Local Roots Bearing Global Fruits
A Decade of Fastest Development Eastern Boom Lightens Western Gloom Chinese firms 'potential Trojan horses'?


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Anti-aircraft artillery regiment in training

  2. Chinese navy fleet enters West Pacific

  3. Christmas is around the corner

  4. TCM preventive treatment of discease

  5. Death toll hits 11 in NE China capsizing

  6. Ice train to withstand extreme cold

  7. Sexy models pose for 2013 FC Barcelona Calendar

  8. Belgian Farmers Spray Milk At Police In Protest

Most Popular


  1. Will China run out of water by 2030?
  2. What’s behind pupils' bread and milk lunch?
  3. China's solar panel seeking revival at home
  4. Currency swaps to take on bigger role
  5. China's rise opportunity, rather than threat
  6. China's economy picking up steam
  7. Debt crisis handicaps EU foreign affairs
  8. US not a bystander of Israeli-Palestinian conflict
  9. What a successful woman needs ?
  10. Commentary: Experimental financial reforms

What’s happening in China

Detective-Conan-themed Lawson convenience store opens in Shanghai

  1. Billionaire quits political post
  2. Fired officials aided poachers
  3. Whistle-blower arrested for economic crimes
  4. Police chief helped drug dealers: cops
  5. Birth rule could be relaxed