NetEase Targets Big Rise in E-Commerce Imports From U.S.
Internet giant NetEase Inc. said it expects to purchase $3 billion worth of products from U.S. brands over the next three years, tapping growing demand from Chinese e-commerce buyers who prefer overseas goods to avoid safety and counterfeit issues often associated with local competitors.
China’s domestic e-commerce market is currently dominated by two companies, Alibaba Group Holding Ltd. and JD.com Inc., which control the lion’s share of sales. But cross-border e-commerce is less developed and more contested, leading domestic players like NetEase and global giants like Amazon.com Inc. and Wal-Mart Stores Inc. to vie more aggressively for a place at the table. At the same time, a new generation of middle-class Chinese are increasingly opting for such offshore products in the wake of food safety and counterfeiting scandals at home.
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