CHINA | Pixr8 News

29Dec By AnkitaNo Comments

CHINA

Due to string of fraud cases in recent years, China Central Bank introduced rules on online payment

BEIJING, (Xinhua) -- China's central bank released detailed regulations of online payment services by non-bank institutions on Monday in the latest effort to contain possible risks in the booming Internet finance industry. The new rules require real-name registration for all non-bank payment accounts and classifies them into three categories depending on the security levels. The size of payments allowed through such accounts will then range from 1,000 yuan (155 U.S. dollars) to 200,000 yuan per year. Transactions through banking payment platforms would not be restricted by the regulation, the central bank said.. The aim of the policy is partly to avoid large sums of money being deposited in third-party payment accounts, which are beyond the protection of bank deposit insurance and...

26Dec By AdityaNo Comments

CHINA

China says tech firms have nothing to fear from anti-terror law

Beijing/Reuters- Technology companies have nothing to fear from China's new anti-terror law which aims to prevent and probe terror activities and does not affect their copyright, China's Foreign Ministry said on Wednesday, rebuffing U.S. criticism as unwarranted. The draft anti-terrorism law has caused concern in Western capitals as it could require technology firms to install "back doors" in products or to hand over sensitive information such as encryption keys to the government. The law is currently having another reading at the latest session of the standing committee for China's largely rubber-stamp parliament, the National People's Congress, which ends on Sunday. This week, the U.S. State Department said it had expressed "serious concerns" to China about the law which would d...

23Dec By AdityaNo Comments

CHINA

China’s Economy In “New Normal” Continues To Power Global Growth

BEIJING, Dec. 22 (Xinhua) -- Against the backdrop of the global struggling for economic recovery and the worsening situation in some emerging markets in 2015, China's economy has remained a strong engine for the world economy. Though the Chinese economy has changed to a "new normal" of more sound and slower growth, it continues to create development opportunities for the world. At the G20 summit held in the Turkish resort city of Antalya, Chinese President Xi Jinping said that despite a recent slowdown, China has still contributed 30 percent of world economic growth, which means China is still a major world economic powerhouse. It is predicted that the world's second-largest economy will grow around 7 percent this year, and will continue contributing as high as about one-third of th...

9Nov By No Comments

CHINA

China to go after online retail sales in fight against fakes

China plans to crack down on the sale of fake goods online by using cloud computing, big data and tighter rules on user identity in its latest moves to quash counterfeiting. China has been trying to reign in its counterfeiters, who have copied everything from Apple iPhones to Louis Vuitton handbags, since it joined the World Trade Organization in 2001 and was required to adhere to global standards on intellectual property rights. The country plans to eradicate intellectual property rights infringement on the internet within 3 years, it said in a posting by China's cabinet on its official website on Saturday. China will promote the use of a "real-name system" on the internet and electronic tags to make it easier to track goods and the identities of offenders, the statement said. ...