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China's Ministry of Commerce certifies 29 group-buying websites

10-30-2010 13:41 BJT

BEIJING, Oct. 29 (Xinhua) -- The China International Electronic Commerce Center under the Ministry of Commerce has given credit qualification certification to some online group-buying sites, in a first for the regulation of China's online group-buying industry.

Twenty-nine online group-buying sites, including Meituan.cn and fantong.com, were certified.

The move by the center aims to protect consumers, according to a statement on the center's website.

"Group-buying" involves like-minded individuals buying together in bulk to secure discounts. It has become popular in China.

China had over 1,215 group-buying sites at the end of August, compared with 100 in March.

As the practice has become popular in China, complaints about the quality of goods the online group-buying have sold have grown louder, prompting the government to promulgate standards for the industry.

The center said the registered capital of each certificated group-buying website should not be less than 500,000 yuan (74,627 U.S. dollars).

The center said more than 300 group-buying sites have applied for credit certification. It plans to certify a second batch of e-commerce sites by December.

Editor:Yang Jie |Source: Xinhua

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