Xie Linhai, a deputy director from China's Ministry of Commerce, has disclosed at the Third Medium and Small Enterprise E-commerce Application and Development Conference that the ministry will issue the Online Business Data Protection Rule in June this year, and the new rule will be the first of its kind regarding online transactions in China.
Lin says that the drafting of the rule has been completed and the Ministry of Commerce is currently soliciting opinions from the concerned government departments. In addition, the Online Transaction Management Measure, which has been brewing for up to a year, is said to be already drafted and is expected to come out within the year.
The arrival of China's first online transaction rule should be heralded by most of China's domestic online trade companies. The development of the online transaction market needs guidance and it is good for the government to take a lead in guiding it. At the same time, the rule should give more consideration to the construction of a credit system participated in by both sides of transactions.