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Deepti Sri · · 1 min readReport: Chinese regulator to set new rules for ecommerce festive sales
“China’s market regulator will launch new rules this year to clarify the responsibilities of platform companies involved in online transactions,” reported Reuters, citing Xinhua News Agency.
Details:
- The State Administration of Market Regulation (SAMR) will increase scrutiny on major promotional events, said agency official Wei Li. It plans to release guidance on such activities including Singles’ Day, ecommerce titan Alibaba Group’s yearly online shopping spree.
- The agency said it will accelerate the construction of a system that will monitor online transactions in real time as well as issue detailed rules to protect consumers’ rights.
Context:
- Recently, SAMR issued fines to Tencent, Didi Chuxing, Baidu, and others over 10 investment deals in the internet sector that were in violation of China’s anti-monopoly law.
- In December 2020, the regulator fined China Literature, Tencent’s e-book spinoff, and tech titan Alibaba for failing to declare past acquisitions.
Editing by Collin Furtado and Eileen C. Ang
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