A drafting group for the legislation was set up on a meeting by the Financial and Economic Committee of the National Peoples Congress (NPC). According to a preliminary timetable set at the same meeting, the drafting group will embark on research of the subject and submit a report by the end of 2014, and actual drafting of the law should be completed by June 2016.
The transaction value of Chinas e-commerce industry reached about USD 1.32 trillion (8 trillion yuan) in 2012, up 30.8% year on year.
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