China just opened up its burgeoning e-commerce sector to foreign investors

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In a further sign of reform, the Chinese government announced late last week that foreign investors will be allowed to fully own and operate e-commerce companies operating within the country.

According to newswire Xinhua, the Ministry of Industry and Information Technology (MIIT) said online data processing and transaction processing will be opened up to foreign competition, allowing access to the burgeoning $2.2 trillion sector.

The move by MIIT is in response to a successful pilot program that has been operating in the Shanghai free trade zone since January 2015.

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