China to Overhaul E-Commerce Laws
Jan. 2, 2014
The Chinese government has embarked on a multiyear quest to overhaul e-commerce regulations in an industry that has seen explosive growth in recent years. At its most recent meeting, the Financial and Economic Committee of the National People’s Congress established a working group charged with drafting a comprehensive e-commerce law. China has been increasingly open to cross-border e-commerce. Lyu Zushan, head of the committee’s drafting group, noted the significant growth in the e-commerce sector—with transaction value up more than 30 percent year-over-year in 2012 to $1.32 trillion.
“Booming e-commerce has become a growth point for national economic development and a focal point for adjusting its structure,” he said. “As a result, it is in urgent need to tease out, replenish, revise and improve existing laws and regulations.”
The group’s timetable includes a research report due by the end of 2014 and working regulations by June 2016.