China to improve e-commerce regulation

China's blossoming e-commerce industry has enjoyed a staggering surge in growth, expanding by a third in just one year. In response to recent calls for e-commerce taxes from Zhang Jindong, chairman of China's physical electric chain store Suning, the Mofcom says China is rapidly regulating the sector to ensure healthy growth of the e-commerce industry, continues.

Yao Jian, Spokesman of MOFCOM, said, "Mofcom believe that the regulated development of the e-commerce industry is the top priority for the industry. The ministry is now taking the lead to push forward more e-commerce promotion regulations, especially for the development of small and medium sized business in the sector. SMEs have made ample contributions strengthening China's role in the global e-commerce market. They also improve the efficiency of China's e-commerce's industry by boosting its combination with physical retail sales. Now as more regulations on taxes and financing are to be unveiled, we're expecting to see healthier growth of the sector."