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Premier: Prudent supervision needed for e-commerce

Updated: Sep 24,2017 8:57 AM

The State Council executive meeting on Sept 20 decided to extend the supervision policies of the transition period for cross-border e-commerce’s retail and imports to the end of 2018.

Regarding this issue, Premier Li Keqiang said there were controversies in the nascent stages of cross-border e-commerce, but the government believed that supervision should be inclusive and prudent.

“We decided to see how it goes before making regulations,” the Premier added, which means more freedom for enterprises with new business models and an overall encouragement of innovation.

As practice demonstrates, this kind of supervision can indeed drive up foreign trade and encourage healthy development of the industry.

For example, the State Council implemented an inclusive and prudent supervision policy during the transition period of the Hangzhou Cross-Border E-commerce Comprehensive Pilot Area, which led to the country’s e-commerce taking the lead globally.

Apart from cross-border e-commerce, inclusive and prudent supervision is also applied to pushing forward the “Internet Plus” initiative, makerspaces, and mass innovation and mass entrepreneurship demonstration bases.

The Premier also noted that under inclusive and prudent supervision, employment can be boosted, as more businesses will be nurtured to create more jobs.

As the Premier said at the executive meeting, employment and income can ensure the well-being of the people and prosperity for the country.