In today’s talking points, New E-Commerce Law Implemented in China, New Chinese Bank can be Launched in Australia, and Younger Chinese spend more thanks to internet financial services.
New E-Commerce Law Implemented in China
China’s very first e-commerce law finally takes into effort. From Tuesday January 1, the e-commerce business sector would be under the new regulations to fight against counterfeits and unfair competition.
The new law, whose final draft was adopted by the Standing Committee of the National People’s Congresslast August, details consumer rights, liability of the platforms and the protection of intellectual property. It requires businesses and individuals to be licensed before operation, and take their taxation obligations in accordance with the law.
The law comes amid the rapid growth of China’s e-commerce market. Analysts say the new law do not ban the notable cross-border shopping activity ‘daigou’, but “strictly regulates the threshold for the industry and creates a sound shopping environment for Chinese consumers”, as Global Times reports.
New Chinese Bank can be Launched in Australia
The Australian Prudential Regulation Authority (APRA) has permitted China Everbright Bank to establish its branch in Australia. Last month, the Beijing-based commercial lender was licenced as a foreign authorised deposit-taking institution.
Before the authorisation, recent APRA report on Australia’s commercial real-estate market has indicate an increase of lending activity from Asian-based bank branch sector.
Younger Chinese spend more thanks to internet financial services
According to the “China Daily” reported on 25thDecember, the younger generation of Chinese people are more willing to consume because of the convenience of mobile payments and various consumer credit services.
People born in the 1980s and 1990s have become mainstream consumers in China, and the Internet has increased people’s desire to buy.
According to statistics, China has the world’s largest mobile payment market, and the official data shows that mobile payment transactions last year exceeded 200 trillion yuan (about 29 trillion US dollars).
Consumer credit services are booming and quickly welcomed by the younger generation. According to data from the People’s Bank of China, China used 659 million credit cards in the third quarter, up 3.36% from the previous month.
E-commerce companies also offer a variety of consumer credit services, at least a quarter of whom are 18 to 27 years old using the credit platform Ant Check Later, a financial sector controlled by Alibaba Group.
Source: China Daily