In recent years, the booming e-commerce had revealed loopholes in China’s legal system and commercial rules, said Lyu Zushan, deputy director with the NPC’s Financial and Economic Affairs Committee, while tabling the draft law for review.
The draft law will facilitate e-commerce growth, help maintain market order and protect consumer rights, Chinese media reported. Under the law, all e-commerce operators will have an obligation to pay taxes and would need to acquire the necessary business certificates.
As per the draft, it will be mandatory for operators to ensure personal information security for consumers. Those that fail will face fines up to 500,000 yuan and could have their business certificates revoked.
The draft requires e-commerce operators to work for protecting intellectual property. It also asks third-party e-commerce platforms to offer technical support for “law enforcement activities by relevant authorities.”
At present, China is the world’s largest e-commerce market, with e-commerce trade amounting to more than 20 trillion yuan (about $2.87 trillion) in 2015, of which retail sales totalled 3.88 trillion yuan.
Last month, during its 24 hour Singles’ Day event, e-commerce giant Alibaba grossed 120.7 billion yuan in gross merchandise volume. (RKS)
Fibre2Fashion News Desk – China
Fashion shows are also encouraging and highlighting sustainable fashion
Transparent supply chain and fair trade will boost sustainable market
Moving towards sustainability is also a social change
Inter Expo and Congress Center (IEC) is a prominent exhibition centre in...
A leading manufacturer of automated machinery and equipment for the...
Describing itself as the best body shape and garment fit company in the...
<div>RocketLife, an award-winning developer of breakthrough visual...
Biovation II LLC
Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...
Dr. Rene Wollert
Dr. Rene Wollert discusses the current scenario of the global nonwovens...
Golfwear and menswear brand Devereux is set for greener pastures. Robert...
Twee In One
Best known for convertible clothing, Indian brand Twee In One by designer...
<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...