14 May 2008
China’s Ministry of Commerce is asking public opinion on the nation's first e-business model and online-shopping transactions service specifications.
The public will be allowed to comment on the proposals outlined in two draft regulations on the Ministry’s website by May 16th.
According to statistics from the Shanghai Modern Business Promoting Council, China's online transaction volume hit 1.7 trillion yuan ($243.55 billion) last year. The two regulatory drafts are in time to fill in holes in the national regulations on the booming e-commerce industry.
The drafts define e-business models from business to business (B2B), business to consumer (B2C), consumer to consumer (C2C), and government to business (G2B).
In order to protect customer interests, all corporations must provide genuine identity, information, and corresponding qualification certificates, such as business licenses, tax registration, and special business licenses, during transactions.
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