September 2017-Subsequent to Zhejiang, Jiangsu, Shandong, Guangdong, Sichuan, Beijing, Shanghai, Taiwan, Anhui and Hebei, the Toolots has continued its market expansion of merchant vendors in Northeast China. On September 20th, Toolots' Chief Executive Officer Jason Fu and Executive Advisor Dr. Peter Wei attended a business roundtable with their China team at the Shangri-La Hotel in Changchun City. The purpose of the event was to conduct exploratory market research along with a symposium on the topic of how Toolots, as a pioneering cross-border e-commerce company, can lead the small to mid-sized manufacturing enterprises (SMEs) into the global market. Toolots' unique cross-border platform mutually allows the opportunity for Chinese manufacturers to enter into the U.S. market, and also allows U.S. manufacturers the opportunity to enter into the Chinese market.
Attendees of the event included major stakeholders such as Deputy Governor of Jilin Province JinYuhui, top officials of Jilin’s Government, in addition to several key manufacturing enterprises in Changchun City.
Scene at the symposium.
Additionally, several top officials the city's correlational government departments in attendance included: Lihua Huang, Deputy Director of the Provincial Office of Foreign Affairs; Yugang Gong, Deputy Director of the Office of the Ministry of Industry and Commerce; Guohua Sun, Deputy Director of the Provincial Department of Commerce; Yong Xu, Deputy Director of the Provincial Economic and Trade Bureau Office, Zhijian Liu, Division Chief of the Provincial Department of U.S. and Europe; Chengjun Tian, Division Chief of the Provincial Department of the U.S. Commerce; Wei Wang, Division Chief of the Provincial Department of Foreign Trade; and Peng Gao, the Division Chief of Provincial Department of the Economic and Trade Bureau.
The symposium was presided over by Ms. Lihua Huang, the Deputy Director of Jilin Provincial Foreign Affairs Office. At the beginning of the meeting, Ms. Huang expressed a sincere welcome to the Toolots team:
"The Jilin Provincial Government views the arrival of your company as highly important [due to the fact that] we’ve heard Toolots is a well-known cross-border e-commerce platform in the United States, and that the company has made numerous beneficial endeavors in the aspect of constructing a cross-border e-commerce platform for industrial equipment between China and U.S. Through this meeting, we are looking forward to gaining some valuable insights and recommendations from Toolots for our forthcoming cooperation, as well as deepening the understanding of the manufacturing industry in Jilin. [We] hope that Toolots will assist our manufacturing industry to capitalize on the development of the growing U.S. market."
Deputy Director of Jilin Provincial Foreign Affairs Ms. Lihua Huang (middle) greets Toolots CEO Jason Fu (left)and the Board Advisor Peter Wei (right).
Deputy Director of Jilin Provincial Foreign Affairs Office Ms. Lihua Huang, presiding at the symposium.
Following roundtable discussion, Mr. Jason Fu provided a detailed introduction to the attending governmental officials regarding three aspects of the company: the positioning of Toolots platform, the innovation of the platform, and how Toolots will develop and advance its next five-year plan through cooperating with and growing the local manufacturing industry.
Jason Fu stated:
"We have 17 years of accumulated market penetration and experience, and when the shareconomy emerged in 2015 we were able to predict our ability to help SMEs by sharing our resources, including our pre-established market, customers, after-sales services, and more. The trade market between China and U.S. for consumer goods has already been saturated. However in recent years, there continues to be a 650 billion-dollar U.S. market for industrial products imported from China. Nearly 90% of this value is actually made by factories in China that are set up by foreign countries and regions in the world. The portion made by native China manufacturing factories is stills mall, yet to those native China manufacturing factories, this is a potential billion-dollar blue ocean market”.
Toolots CEO Jason Fu (middle) gives an introduction about Toolots to the correlational governmental department officials in Jilin.
With the revitalization and resurgence of the U.S. manufacturing industry, Chinese industrial supply companies have the opportunity to simultaneously enter the U.S. market and assist in the growth of global manufacturing by providing SMEs with quality equipment at competitive prices. As a vertical e-commerce online platform focused on industrial equipment and manufacturing, Toolots has consistently been devoted streamlining global trade and e-commerce through the expansion of its big data system. With its innovative business model, the company has shared numerous resources and services on its platform with partnered vendors including omni-channel marketing, warehousing and logistics, operational management plans, and more. Toolots continues to develop its shared economic platform through VF (virtual firm) technology, thereby allowing them to provide various shareconomy services including e-accounting, e-register, e-insurance, e-finance, in addition to other shareconomy services.
In traditional distribution models, distributors maximize their own benefits and distribution rights despite the vendors’ interests. However, Toolots provides a unique cross-border e-commerce platform using a global shareconomy method to eliminate these profit-blockers and maximize the benefits for partnered vendors.
During the symposium, the Director of the Foreign Trade Department of the Jilin Provincial Department of Commerce Mr. Wei Wang stated that for the past two years, Jilin Province has been strongly promoting the development of cross-border e-commerce business, in four aspects:
First is to encourage current enterprises to fortify their business through cross-border e-commerce; Second is to have the enterprises that lack the experience in foreign trade to utilize cross-border e-commerce platforms for entering international markets; Third is to use cross-border e-commerce to attract and bring back any enterprises that have left Jilin for other provinces; Fourth is to attract foreign enterprises to Jilin for participating in their business development on cross-border e-commerce.
Deputy director of the Office of the Ministry of Industry of Jilin Province Yugang Gong inquired about the Toolots after-sales system during the symposium.
Jason Fu indicated that currently, the most applicable method for the cooperation of Toolots and the Province of Jilin is to establish model enterprises. Toolots can start by choosing 2-3 products fields filled in Jilin, then cultivate 5-10 model enterprises. These model enterprises can then be used as sample cases in the following promotional stage in Jilin to directly promote a wider range of enterprises within the city.
The Deputy Director of the Jilin Provincial Economic and Trade Bureau Yong Xu, showed immense interest in Toolots’ role in the future China-U.S. Industrial Park project. Essentially the industrial park will allow U.S. manufacturing SMEs to establish satellite offices, corporate branches, or manufacturing facilities within the city of Jilin to take advantage of a variety of benefits including distribution, market expansion, and more. The park will also provide a myriad of benefits for the city of Jilin ranging from increased jobs, strengthening relations within the global manufacturing community, and many more.
After the meeting, the Deputy Governor of Jilin Province YuhuiJin, who oversees industrial businesses, as well as the top officials from the correlational governmental departments, hosted a luncheon for attendees including the Toolots team. The Governor warmly welcomed the participants event, and thanked them for their attendance before giving a full affirmation of Toolots’ business model. He concluded the event for the day by stating the provincial government would offer and provide their support for U.S. SMEs seeking to conduct business in Jilian, and cited Toolots as a pioneer company aiding manufacturing SMEs in their development and expansion.
Deputy Governor of Jilin Province YuhuiJin (right) in discussion with Toolots CEO Jason Fu (left).
In Jilin, automobile manufacturing is its representative industry. The picture shows the Deputy Governor of Jilin Province YuhuiJin (right) offering a model car as the present for CEO of Toolots Jason Fu (left).
Group photo of the Jilin Province Governmental top officials and the Toolots team.
A Chinese version of this article is available here.