China actively engaged in formulating global e-commerce rules

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China, the U.S. and the EU, among 76 members of the WTO, on Friday signed a joint statement on e-commerce regulation and agreed to initiate negotiations on this regards during the sidelines of the World Economic Forum in Davos.

The statement said that all WTO members should be part of the e-commerce negotiations as they are facing both opportunities and challenges brought by the rapid development of e-commerce.

The move aims to bring the most of the benefits of e-commerce to all enterprises, consumers and the global economy at large. Members stressed at the meeting that the negotiation process should be open, inclusive, transparent and non-discriminative.

The largest and the fastest-growing e-commerce market

As one of the largest and the fastest-growing e-commerce markets across the globe, China has attached great attention to international cooperation in this field and been actively engaged in formulating rules and regulations on bilateral and regional cooperation.

China believes that the negotiation on e-commerce should conform to the multilateral trading system and strike a balance between technological advancement and business progress as well as the policy goals of members, according to the Chinese Ministry of Commerce (MOFCOM).

A cross-border e-commerce logistics center in Jinhua, Zhejiang Province, January 1, 2019. /VCG Photo

Meanwhile, China's cross border e-commerce market flourishes, a report from China E-Commerce Association showed that the country's cross-border e-commerce would see turnover top nine trillion yuan (1.3 trillion U.S. dollars) in 2018.

To better serve the rights and interests of consumers, China makes great efforts in regulating the e-commerce market. The first e-commerce law of the country took effect on January 1, 2019.