MOFCOM China's 2012 E-Commerce GMV Exceeds RMB 8 Trln

Sootoo, 5/29/13

Chinese e-commerce transactions grew four times faster than the country's overall GDP growth in 2012, with total gross merchandise volume (GMV) increasing 31.7% YoY to break RMB 8 trln, according to a report released by China's Ministry of Commerce (MOFCOM).

Gu Dawei, Deputy Director of the State-owned Assets Supervision and Administration Commission's (SASAC) High Technology Office, stated along with the release of the report that 13 Chinese governmental agencies — including the State Administration for Industry and Commerce (SAIC), General Administration of Quality Supervision, Inspection and Quarantine (GAQSI&Q), MOFCOM, and People's Bank of China (PBoC) — are currently researching and drafting 40 standards for e-commerce, and that a total of 86 new policy measures pertaining to e-commerce development will be introduced nationwide. The measures are focused in areas including the creation of a trustworthy environment for transactions, mobile payments, promoting the adoption of online electronic receipts, and improvements to electronic record-keeping.

Keywords: national statistics e-commerce Internet government policy Ministry of Commerce SAIC SASAC People's Bank of China GMV revenue AQSIQ Gu Dawei market size regulation

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