By Mark Schaub and Chen Bing King & Wood Mallesons’ Corporate & Securities group.
Many international companies that have seen sales of product rocket via Chinese ecommerce celebrated the March 17 Announcement by MOFCOM (i.e. a press release regarding the supervision of products imported through cross-border ecommerce (“CBEC Products”) during and after the extended grace period) as a signal that the good times will continue to roll. As stated in our previous article we had concerns that many were reading too much into the March 17 Announcement and in particular the Chinese authorities would continue to have concerns about ensuring consumer safety.
Recently, Xiaoming Yuan, the Deputy Director-General of the Financial Department of the Ministry of Commerce (“MOFCOM”) in an interview with Oriental Outlook provided useful background about the context and implications of the March 17 Announcement.
Continue Reading China Cross-border Ecomm: Intentions Become Clearer