China Eyes E-Commerce as Growth Engine
Nov. 20, 2014
China’s State Council, the country’s equivalent to the Cabinet in the U.S., has tabbed e-commerce as an economic driver in the country that the government intends to foster. In a paper released on Sunday, the State Council said e-commerce and associated industries such as online payment processing and e-commerce logistics could be growth centers in an economy that grew 7.3 percent in the third quarter (the slowest rate of growth since 2008).
While the State Council didn’t propose any specific policy, the group indicated such policy would come and directed local governments to support e-commerce businesses in the form of commercial loans, streamlined administrative procedures and tax breaks.