Foreign funds hailed in e-commerce
Print Edition
CHINA has decided to give foreign investors greater freedom in the booming e-commerce industry by allowing them to fully own e-commerce companies in the country, the Ministry of Industry and Information Technology said yesterday.
The ministry said that it would open up the online data processing and transaction processing businesses to foreign investors. The new policy will enable more foreign companies to compete with local firms, it said. The move is an expansion of a pilot scheme launched in January in the China (Shanghai) Pilot Free Trade Zone.
China‘s lucrative e-commerce business is dominated by big homegrown firms. The e-commerce market hit 13.4 trillion yuan (US$2.2 trillion) in 2014, and China is aiming to almost double the value of the sector in two years.
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