Approved by the State Council, China's Cabinet, in October last year, the Silk Road E-commerce Pilot Zone in East China's Shanghai has made significant strides in facilitating high-quality cooperation among countries involved in the Belt and Road Initiative.

Over the past year, the zone has focused on enhancing cross-border electronic invoice interoperability to streamline trade. 

Key advancements include the establishment of a cross-border e-invoicing platform connected to the European Union's Pan-European Public Procurement Online or PEPPOL network. The platform now supports multiple international e-invoice standards for easy format conversion.

Shanghai has also conducted successful real-world tests. Shanghai Pharmaceutical Import & Export Co Ltd recently transmitted a cross-border e-invoice to a Singaporean importer through PEPPOL. 

Similarly, Mitsui Sumitomo Insurance (China) Co Ltd linked a cross-border e-invoice with transaction documents, processing it through the Shanghai branch of the Bank of Communications to HSBC Hong Kong.

Additionally, Shanghai E&P International Inc, in partnership with UnionPay International and the Bank of Communications, is exploring e-invoices as trade settlement documents. 

This innovation is said to integrate e-invoicing with digital payments, allowing exporters to trigger payments instantly upon invoicing. This enhances efficiency and transparency in trade transactions.