China launches its first network credit rating system

11:36, March 15, 2011      

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China's first network credit evaluation system was officially launched in Zhejiang Province. The system, named Xinyongbao, is able to monitor website qualifications, payment system details and product information, according to the Zhejiang Administration for Industry and Commerce.

Experts believe that a third-party credit certification system is imperative for China's rapidly-developing e-commerce to thrive.

During the 11th Five-Year Plan period, the number of Chinese Internet users ranked first worldwide and the popularization rate of broadband was close to 100 percent. The Internet construction effectively promoted the changes in economic development, social progress and people's lifestyles.

Data from the China E-commerce Research Center shows that by December 2010, the turnover of China's national e-commerce market reached more than 4.5 trillion yuan, an increase of 22 percent compared with 2009.

However, Internet fraud, phishing and Internet pyramid schemes also endanger Internet security and socio-economic stability. The China Internet Network Information Center received a total of 23,455 phishing reports and handled a total of 22,573 phishing sites in 2010.

Zhejiang, the home to several well-known e-commerce businesses, such as Alibaba and Netsun, has been at the forefront of China's e-commerce field. In order to regulate the online marketing of small and medium-sized enterprises, the Zhejiang Administration for Industry and Commerce launched the first e-commerce credit rating system in China.   

The Xinyongbao system is based on the Certificate of Authority system and has many functions, such as assessing business qualifications and detecting illicit merchandise. The Xinyongbao icons contain hard-to-counterfeit Internet business licenses. Netizens, clients and consumers can report fraudulent or other dishonest acts to local administrations for industry and commerce through the Xinyongbao system.

By Li Yancheng, People's Daily Online

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