China's booming online shopping market is soon to be covered under the legal system as the drafting of the country's first e-commerce law is on track and set to complete in the second half of this year, said a report from the Economic Information on Wednesday.
The report said that related organizations are working to stipulate the outline of the e-commerce law by March. After consulting with government organizations, e-commerce companies, industry associations and experts, the draft is very soon expected to be submitted to the Financial and Economic Committee of the National People's Congress.
The existing laws in the country can no longer keep up with the booming growth of China's e-commerce sector. There are challenges in online transaction security, intellectual property rights protection and the protection of consumers' rights. The e-commerce law is going to play an important role in protecting consumers as well as create a healthy market environment.