The Ministry of Industry and Information Technology in China has said that the country is now allowing full foreign ownership of e-commerce businesses, Reuters reports.
The move is a way for the country to encourage foreign investment and promote healthy competition in the e-commerce space.
China is already home to e-commerce sites Alibaba and JD.com, and US companies like Amazon and WalMart operate there as well.
Allowing outside ownership will encourage investment in the world’s second largest economy, which will surely be beneficial for everyone involved.
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➤ China to allow full foreign ownership of some e-commerce businesses [Reuters]
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