The Internet, undergoing skyrocketing development, has produced a spate of challenging issues while working its way into China's economy, culture, media and society. In response, China must establish a legal framework to deal with the Web-related problems of the future, experts said on November 15.

Zhou Qiren, a professor with the China Center for Economic Research (CCER) of Beijing University, made the remark at the meeting on China's Future in the Internet held at the prestigious school.

The Internet has changed China's traditional communication mode into something shapeless and as yet undefined, Zhou said.

"The Internet has brought us new ways of communication, trading, and even a new lifestyle," Zhou said. "People will feel it is difficult to manage the Internet with traditional thinking."

China linked itself to the Internet only five years ago. The number of netizens in China, however, has nearly doubled every year. According to estimates from the Ministry of Information Industry, the number of people having access to the Internet will hit 4.5 million by the end of this year.

The World Intellectual Property Organization noted in an earlier press release that by the year 2005, China will have the most netizens in the world, taking the place of the United States.

According to statistics quoted by Zhou, the Asian-Pacific Region will witness the most rapid growth of e-commerce in the 21st century. China, following India, will become the country to most quickly develop e-commerce, with a growth rate of 243 percent. And China will receive 3.8 billion US dollars of e-commerce income in 2003.

Harry H. Huang, Nasdaq-Amex Chief Representative in the China Region, noted at today's meeting that the Internet was converting the current currency economy into an Internet one. Citing stock trading as an example, he said that 80 percent of the world's stock trading is done via Internet.

Huang said that the Internet has created a multi-dimensional space that has given birth to countless business opportunities. " And one can never miss the boat," he said.

The vigorous Internet economy, however, has also had some strong negative impact. The traditional industries sometimes feel pressed to accept the new trading method, and the situation will probably intensify if some solutions are not found, he said.

Prof. Zhou said it is imperative to map out a sound legal basis for regulating Internet growth.

Zhou said that it is now even more necessary for China to establish legal guidelines for activities of all involved in the Internet economy. (Xinhua)