Anti-Monopoly Photo: CFP

 
China will accelerate the revision of its anti-monopoly law and improve the system of online platform governance rules in order to prevent and control monopolistic practices and reinvigorate competition, according to a five-year development plan for e-commerce released by Chinese regulators on Tuesday.

The regulators will promote revision of the e-commerce law and issue rules on data security and privacy protection in order to improve the e-commerce industry, especially live-streaming and rural e-commerce.

The plan released by the Ministry of Commerce, together with China’s cyberspace regulator and top economic planner, will guide platforms to operate in compliance with the law, as well as promoting the healthy development of e-commerce. 

According to the plan, the total e-commerce transaction volume is expected to reach 46 trillion yuan ($7.2 trillion) by 2025, with national online retail sales of 17 trillion yuan. 

China has stepped up its scrutiny of online platforms' monopolistic practices this year. A number of Alibaba's digital applications, including Eleme and Youku, now support Tencent's WeChat payment, after the Ministry of Industry and Information Technology said that from September 17 all platforms in the country must unblock external links.

Taobao, Alibaba's powerful e-commerce platform, will also support UnionPay Cloud Payment from August 1.

Global Times