China to allow full-ownership of some e-commerce firms
June 29, 2015 Category Foreign investment, Weekly
China will allow full foreign ownership of some e-commerce businesses, aiming to encourage foreign investment, the Ministry of Industry and Information Technology (MIIT) said. The move, effective immediately, will apply to “online data handling and trade handling services”. Allowing full foreign ownership “supports our country’s e-commerce development, encourages and brings in the active participation of foreign investment, and further excites market competition,” the Ministry said. In recent years, the government has lent its support to the industry by keeping taxes low and loosening restrictions on cross-border trade, among other concessions.
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