Recently, the Opinions of the State Council on Greatly Promoting Development of E-commerce and Accelerating Development of New Driving Force for Economic Development (Hereinafter referred to as the Opinions) was released on the official website of the State Council of the People’s Republic of China (www.gov.cn). From eight perspectives, it calls for further promoting development of e-commerce operators and accelerating development of new driving force for economic development. It includes a series of related policies, such as establishing and improving corresponding diversified and multi-channel investment and financing mechanism for the development of e-commerce and encouraging domestic IPOs of eligible Internet enterprises. In addition, the Opinions also specifies three principles. The first is that the government should be highly motivated to support and serve the development of e-business and make coordination to solve related conflicts and problems. The second is to gradually standardize the development of e-commerce at the same time of streamlining administration and delegating power to the lower levels under tightened oversight. This is to ensure that market entities can do anything which are not prohibited by the law, and government departments must not do anything unless it is mandated by the law so that administrative intervention to the e-business market can be reduced to the largest extent. The third is to enhance guidance to lead the trend and make the best use of the circumstances.

 

Source: Excerpts from Guangzhou Daily, May 13, 2015