According to Qiu Changheng, vice president of Alipay, China's first e-commerce credit system is expected to be launched by the end of 2009 and the system will fully cover small and medium-sized enterprises and individual users.
Qiu revealed the news through local media while attending a seminar in Beijing with the theme of Internet credit and the transfer of small and medium-sized enterprises. This seminar also attracted over 30 senior experts from the People's Bank of China, the information division of China's Ministry of Commerce, the market order division of China's Ministry of Commerce, and the national information center of China's National Development and Reform Commission.
Qiu said at the meeting that as a leading company in China's Internet third-party payment industry, Alipay's secured transaction model benefited its initial developme...
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