: The new policy will enable more foreign companies to compete with local firms, thereby driving the sector to higher standards, the MIIT said, according to Global Times China. The move is an expansion of a pilot scheme launched in January in the Shanghai Free Trade Zone. The MIIT said in a brief statement that it would open up the online data processing and transaction processing businesses to foreign investors. Currently, China lucrative e-commerce business is dominated by big homegrown firms. The e-commerce market hit 13.4 trillion yuan in 2014, and China is aiming to almost double the value of the sector in two years.
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