China begins drafting legislation aimed at promoting healthy, sustainable e-commerce market; China's e-commerce industry reached about 8T yuan in 2012, up 30.8% year-over-year
Cindy Allen
December 30, 2013
(Xinhua)
–
China started a two-and-a-half-year process of drafting a comprehensive e-commerce law on Friday as its e-commerce market expands at full speed.
A drafting group for the legislation was set up on Friday during a meeting by the Financial and Economic Committee of the National People's Congress (NPC).
"Booming e-commerce has become a growth point for national economic development and a focal point for adjusting its structure," said Lyu Zushan, head of the drafting group.
"As a result, it is in urgent need to tease out, replenish, revise and improve existing laws and regulations," he said, adding that a comprehensive law could promote sustainable and healthy development of e-commerce.
According to a preliminary timetable set at Friday's meeting, the drafting group will embark on research of the subject and submit a report by the end of 2014, and actual drafting of the law should be completed by June 2016.
The transaction value of China's e-commerce industry reached about 8 trillion yuan (about 1.32 trillion U.S. dollars) in 2012, up 30.8 percent year on year.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.