Daily limits on online payments aimed at protecting consumers

TO BETTER PROTECT CHINESE CONSUMERS' information and money online, the People's Bank of China has proposed limiting the size of transactions through third-party online payment systems such as Alipay. Under the proposal released for public consultation, the daily quotas of online shoppers may shrink to between 1,000 yuan ($163) and 5,000 yuan, if they make purchases via a third-party payment platform. Comments:

On the one hand, the government is actively pushing for the implementation of its Internet Plus initiative, in a bid to optimize the economy. On the other, troubles will keep emerging if the conflicts between excessive administrative supervision and Internet-oriented innovation are not properly dealt with. The Internet Plus strategy can be a boost to efficiency, as well as a blow to traditional business mindset and industrial monopolies. It takes courage and wisdom to embrace the new era.

Beijing News, August 3