Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

China's market regulator to launch new rules on online deals

03/15/2021 | 01:18am EDT

BEIJING (Reuters) - China's market regulator will launch new rules this year to clarify the responsibilities of platform companies involved in online transactions, the state-owned Xinhua News Agency said.

Wei Li, an official of the State Administration of Market Regulation (SAMR), told Xinhua that the regulator will "adopt more powerful supervision methods this year and deploy a series of actions" to clear up "prominent problems in the online market".

The regulator will also accelerate the construction of a system that will collect the online transaction information in real time allowing for better monitoring and coordination, Wei was quoted as saying on Monday which is Consumer Rights Day in China.

The government has flagged it will be issuing new rules for the internet sector. Heightened scrutiny by Chinese regulators since December has included the announcement of a probe into e-commerce giant Alibaba,, penalising Alibaba-backed and Tencent-backed firms for not seeking anti-trust reviews for deals, while other firms have also been fined for irregular pricing.

SAMR said it will also strengthen the legal system and issue detailed rules aimed at protecting the rights of consumers.

It said administrative guidance can be expected on major promotional events and cited Singles' Day, the annual online shopping spree created by e-commerce giant Alibaba Group.


(Reporting by Sophie Yu and Tony Munroe; Editing by Kim Coghill and Edwina Gibbs)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 1.53% 191.9 End-of-day quote.-17.50%
GUIZHOU BC&TV INFORMATION NETWORK CO.,LTD 1.10% 4.59 End-of-day quote.-15.93%
SHANDONG LINGLONG TYRE CO., LTD. 5.91% 39.6 End-of-day quote.12.60%
SICHUAN CHANGHONG ELECTRIC CO.,LTD. 2.65% 2.71 End-of-day quote.-6.55%
TENCENT HOLDINGS LIMITED -0.84% 475 End-of-day quote.-15.78%
YANZHOU COAL MINING COMPANY LIMITED 0.00% 11.54 End-of-day quote.86.13%
Latest news
05:59pS&P 500 edges down on virus woes, slowing economy
05:58pONE GAS : Q2 Earnings Snapshot
05:57pGLADSTONE INVESTMENT : Fiscal Q1 Earnings Snapshot
05:54pMicron kicks off dividend payments, shifts to 'opportunistic' share buybacks
05:54pDANAOS : Q2 Earnings Snapshot
05:53pITAÚ UNIBANCO S A : Brazil's Itau Q2 profit jumps on lower provisions
05:51pROSEN, TOP RANKED GLOBAL COUNSEL, Encourages DraftKings Inc. f/k/a Diamond Eagle Acquisition Corp. Investors with Losses in Excess of $100K to Secure Counsel Before Important Deadline in Securities Class Action – DKNG
05:51pENERGY TRANSFER LP : Joins the Environmental Partnership to Expand Focus on Reducing Environmental Footprint Across Its Operations
05:50pARGO GROUP : Q2 Earnings Snapshot
05:49pFACEBOOK : Instagram says some users having issues with platform
Latest news