China's e-commerce to go abroad

BEIJING - China will promote its e-commerce to the world and expand business in new sectors, said a senior official with the country's top economic planner on Tuesday.

Lin Nianxiu, deputy director of the National Development and Reform Commission, made the remarks while responding to the latest guideline to fuel e-commerce.

The State Council, China's cabinet, on May 7 released a guideline on e-commerce development, to foster new growth drivers amid the economic slowdown.

The government pledged to create a favorable environment for e-commerce by cutting red tape, easing market access and lowering taxation.

Li said China's e-commerce sector needs to start more businesses in rural areas, promote networking and service-oriented management in manufacturing and rapidly upgrade traditional commerce.

New e-commerce businesses are encouraged in online payment, financing, insurance and funds as well as more e-commerce services like car rental and medical diagnosis, Li said.

He also suggested direct yuan-denominated investment in foreign countries should be supported.

The e-commerce industry has experienced a boom in recent years that helped stimulate consumption and investment, and the government is pinning its hopes on the sector to create jobs and facilitate the ongoing process of industrial upgrading.

Stimulated by the rapidly expanding e-commerce platforms such as Alibaba and JD.com, online retail trade volume grew 49.7 percent year on year to 2.8 trillion yuan ($458.28 billion) in 2014, according to an earlier report by the China E-Commerce Research Center.