Business / Industries

Business practices monitored in wake of shopping bonanza

By Wang Zhuoqiong ( Updated: 2015-11-11 19:28

The National Development and Reform Commission is looking into companies taking part in Singles' Day online business to improve the credit environment.

The "big data" platform is in collaboration with Qihu 360 Technology Ltd, Baidu and China Chengxin International Credit Rating Co Ltd. (CCXI), an affiliate of Moody's Investors Service Inc, and Alibaba Group to monitor data and information of consumer credit during Single's Day, according to top officials from the NDRC.

Li Juhe, vice director of the fiscal policy and finance department of the commission, said on Tuesday that results of the monitoring and evaluation will be made public.

Li said the purpose is to formulate useful credit information for consumers and business owners to improve the consumer credit environment.

"Different online business platforms such as or Alibaba make different promises to their customers," Li said. "But our job is to transfer such pressure of credit management to these platforms to improve credit among business activities."

The supervision and monitoring of credit systems will be carried among online transactions and information collected during and after Wednesday's shopping festival, said the vice director.

Even a customer's review of merchandise they bought or a complaint left on Baidu's forum will be collected as "big data" to the credit information platform.

Meanwhile, the State Administrant for Industry and Commerce, along with other 38 ministries, have issued a memo on measures monitoring and punishing companies who break their credit conditions.

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