Amid growing trade war between the US and China, Chinese tech titans Tencent and Douyin, the Chinese sister app of TikTok, have in the last two days introduced initiatives to assist Chinese exporters in selling their goods domestically.
Tencent announced the establishment of a program to use its WeChat e-commerce features to help Chinese exporters in the domestic market.
According to the program, its sales target is 100 billion yuan, or $13.69 billion.
Through a unique route, this program will enable Chinese exporters to build online stores on WeChat.
In certain situations, they will be able to begin operations without making any deposits.
To help Chinese exporters who sell using WeChat's live features, the business will also offer discounts and subsidies.
Additionally, Tencent announced that it would use its Tenpay worldwide platform, a worldwide business cross-border payment network, to assist small and mid-sized enterprises in growing in Southeast Asian markets.
Similar to this, late Wednesday saw ByteDance's Douyin, a Chinese counterpart of TikTok, announce the launch of a program aimed at assisting exporters in growing their domestic markets and decreasing their dependency on orders from overseas. According to the company, it will help Chinese exporters lower their operating costs by offering them specialized routes through which they can open shops on Douyin.
According to Douyin, qualified business owners would be eligible for 45 days of interest-free financing and a capital credit of up to 1 million yuan.
These initiatives came as the biggest tech firms in China support Beijing in the face of trade tensions between the US and China.
JD.com announced last week that it will invest 200 billion yuan over the course of the upcoming year to assist export-focused firms in selling their goods domestically.
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Last Monday, Alibaba's Freshippo grocery chain—also referred to as Hema—announced the launch of a 24-hour fast-track onboarding channel for Chinese exporters. Additionally, the business intends to introduce a special area on its website for exporting goods to the country.