By Daniel Hunter

China has big plans to become the world’s leader in e-commerce, according to a recent report. Details revealed in a letter from the Ministry of Industry and Information Technology (MIT) show that the country aims to quadruple its web sales to reach £1.4 trillion by the year 2015.

The government intends to guide the industry with a strict new set of policy measures to get to 18 trillion sales in the next three years. The outlined objectives include the country’s 12th ‘five year plan’ for e-commerce which began last year and runs to 2015.

The missive claims that the goal of multiplying e-commerce sales is achievable due to varying factors that have risen in development such as mobile internet, cross-border trade, the SME sector and the online payment industry. But the growth in the industry will reportedly only occur if particular areas are tightened such as online security and the clamp down of shoddy and counterfeit goods.

The ministry aims to take action by improving consumer rights, enhancing e-commerce laws, cracking-down on illegal e-commerce, and fast-tracking staff training. Further aims comprise of boosting regulations and standards and developing improved statistical monitoring of the market.

It was recently claimed that China’s compound annual growth rate (CAGR) was poised to grow at 14% and that it would be ranked fifth in the whole world, compared with the UK which is out in front.

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