Amazon.com Inc. plans to set up operations in the Shanghai Free-Trade Zone (FTZ) in a bid to sell more merchandise in China and compete better against rivals such as Alibaba Group, the Wall Street Journal reported.
The US online retail giant was quoted as saying Wednesday that it signed a deal with authorities in the free-trade zone to open the company’s global platforms to Chinese consumers, enabling them to import bags and books normally available for delivery only in other countries.
Amazon will also open a logistics warehouse in China to expand exports of goods from Chinese companies, Shanghai municipal authorities were quoted as saying in a separate statement.
The move will give Amazon greater ability to make cross-border payments and enable the firm to use the trade zone to experiment with financial innovation.
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