China Tightens Rules For Country's Online Market

China plans to implement stricter rules governing the country’s fast-growing ecommerce market. Driven by the millions of Chinese consumers who are discovering the online market for the first time, China’s ecommerce sector grew from $3 billion in 2009 to $64 billion in 2012, according to a report by the “South China Morning Post” newspaper. With the country set to become the world’s second-largest online retail market, with the business-to-consumer submarket forecast to expand by an average of 34 percent each year, the government was compelled to flex its regulatory muscles. Several laws covering the market will take effect on March 15, 2014.