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ECNS Wire

Ministry mulls blacklist of discreditable auction houses

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2017-02-21 15:43Ecns.cn Editor: Mo Hong'e ECNS App Download

(ECNS) -- The Ministry of Commerce plans to blacklist auction houses that lack credibility amid new measures to regulate the sector.

The new rule will target fake auctions as well as those offering forged items up for bidding by employing big data and information technology. It also plans to introduce an index of what items can be put up for auction, according to Economic Information Daily.

The ministry will build a credit platform, keep a record of auction houses involved in abnormal business or breaching service promises, and support the third-party credit rating system.

Overall supervision of auction houses will combine governmental administration, self-regulation of industrial associations and public monitoring, according to the rule.

The ministry vows to support integration of the Internet and auction business, and encourages bidding for agricultural products and vehicles. It also proposes to establish a cross-department administration for auctions.

By December 2015, China had 6,831 auction houses with 243 branches. Total transaction value reached 463.5 billion yuan ($67 billion) in 2015, a decrease from 555.6 billion in 2014 and 700.1 billion in 2013, mostly due to the economic slowdown.

Online auctions have grown rapidly, but are marred by irregularities due to a lack of supervision, said the paper.

  

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