© Reuters. FILE PHOTO: The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter

BEIJING (Reuters) -China’s market regulator proposed amendments to the country’s e-commerce law, saying that licences can be revoked if the platforms fail to take necessary measures against vendors who infringe intellectual property rights.

The amendments are open for public review before Oct. 14, an article published by the State Administration of Market Regulation (SAMR) website on Tuesday said.

China has been tightening regulatory control over the country’s internet giants, drafting new laws in areas such as anti-monopoly and data security.

The licence revocations are new, while the proposed amendment retains an existing maximum penalty of a 2 million yuan ($309,521) fine for platforms found to have commited less serious infringements.

China’s largest e-commerce platforms include Alibaba’s Taobao and Tmall marketplaces, JD (NASDAQ:).com and Pinduoduo (NASDAQ:).

($1 = 6.4616 renminbi)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here