China's highest legislature is analyzing a bill that aims to regulate and facilitate electronic commerce, currently on the rise in that country. Said bill has already been submitted for review by legislators, but it is the first reading of the bill.
According to Lyu Zushan, who is deputy director of the Committee on Financial and Economic Affairs of the NPC, they have mentioned that the Ecommerce boom in China Over the last few years it has revealed the gaps in the legal system and trade regulations in the country.
This Bill will facilitate the growth of Ecommerce and will help maintain market order, while protecting consumer rights. Also mentioned is the need to equitable online and offline business activities, in addition to protecting the safety of e-commerce transactions.
Under the project, all Ecommerce operators They will have the obligation to pay taxes and will also have to acquire necessary business certificates. Not only that, they must also guarantee the security of consumers' personal information.
More importantly, Ecommerce retailers Those who fail to meet these obligations will face fines of up to 500.000 yuan, not to mention that their business certificates could be revoked. The bill also reveals that everyone involved in e-commerce will need to protect intellectual property.
Today, China is the largest e-commerce market around the world. According to official figures, the Ecommerce in China amounted to more than 20 billion yuan, in 2015 alone, with online retail sales of 3.88 billion yuan.
Recently, the largest retailer in China, Alibaba, registered 120.70 million yuan in gross volume of merchandise, which shows the magnitude of electronic commerce in that country. The Ministry of Commerce predicts that by the end of this year, the volume of cross-border ecommerce will reach 6.5 trillion yuan and will soon represent 20% of foreign trade in China.