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Economy Fintech

China Researching Development of Digital Transactions Regulatory Framework

The Chinese central government has flagged efforts to research and develop a regulatory framework for transactions involving digital assets, as part of broader efforts to spur the growth of China’s digital economy.

On 10 September the Ministry of Commerce (MOFCOM) announced that it was working with the Cyberspace Administration of China (CAC) and Ministry of Industry and Information Technology (MIIT) to research the development of a digital transactions systems framework, as well as unveil a digital transaction work plan and establish a specialist digital transactions team.

MOFCOM spokesperson Gan Feng (高峰) said that it would advance efforts in the areas of “improvements to policy support and deepening trade implementation,” as well as “optimise digital resource allocation and spur the potential for growth of China’s digital economy and trade.”

MOFCOM will undertake in-depth research into digital transaction policy issues, the effective design of a policy framework and associated concrete measures, and the creation of a better policy environment for digital transactions.

Gao said that at the start of the year MOFCOM, CAC and MIIT had selected 12 digital service export bases for pilot schemes, and that the next step would be to deepen work on trials for the innovative development of services trade, making digital transactions a key part of the upcoming round of trials.

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