OVERSEAS investors will in future be able to take a 100 percent stake in the online transaction and data process business in Shanghai’s free trade zone as China plans to fully open the e-commerce sector there, the Ministry of Industry and Information Technology said yesterday.
The move is expected to spur the booming cross-border e-commerce sector, the ministry said in a statement, adding that the Shanghai Communications Administration will take charge of trailing the new policy.
Overseas e-commerce firms like Amazon.com are set to expand business in China through the FTZ. Amazon aims to offer consumers access to all products through its overseas sites and allow Chinese sellers to access the company’s global customer base.
But the ministry didn’t elaborate on details of the new policy.
In 2014, China’s import e-commerce dealings were expected to reach 128.9 billion yuan (US$20.8 billion), up 60 percent, said Analysys International, a Beijing-based IT consulting firm.
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