The Chinese government has begun to draft an Ecommerce legislation to address the recent immense growth of the local Ecommerce market.
This last Friday, December 27th, the Chinese government has appointed a drafting group during a meeting held by the Financial and Economic Committee of the National People’s Congress (NPC). The group’s responsibilities will be to look over and review current legislations regarding retail and commerce and devise a new set of laws to accommodate the thriving online economy.
“Booming e-commerce has become a growth point for national economic development and a focal point for adjusting its structure. As a result, it is in urgent need to tease out, replenish, revise and improve existing laws and regulations,” added Lyu Zushan, head of the drafting group.
The group will investigate the matter throughout the year, with a deadline of December 2014. Once the draft is finalized, the government will implement the new legislation with a suggested timeframe of June 2016.
The Chinese Ecommerce market has seen incredible growth this past year, with the largest Ecommerce sales day closing in on over $5.7 billion in transactions. 2013 is planned to surpass 2012’s $1.32 trillion in Ecommerce sales.
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Recently we also saw the Indian government looking into redefining current laws and regulations to accommodate their own fast local Ecommerce growth.