China will see a further expansion of exports as the online payment service provider Paypal is to set up an international e-commerce hub in southwest China's Chongqing Municipality, Chinanews.com.cn reports.
Paypal, a subsidiary of the US-based online marketplace operator, eBay Inc, has reached an agreement with the Chongqing government to establish a center to offer foreign exchange settlement, telesales, training, verification and other services.
The center will develop a foreign exchange settlement capacity of ten billion US dollars in the next five years and will boost China's exports by helping merchants conduct faster cross-border trade, the report says.
Meanwhile, the hub that will help Chinese companies connect with global customers may also increase eBay's transaction volume in China by 80 percent to four billion US dollars this year, said eBay's CEO, John Donahoe.
Paypal is one of the world leaders of online payment service. With a network of more than 190 countries and regions, the company saw its transaction volume hit 71 billion US dollars in 2009.
