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China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is still largely controlled by the State due to concerns over abrupt capital flows in and out of the country.
China's e-commerce trading volume reached 29.16 trillion yuan (.41 trillion) last year, up 11.7 percent year-on-year, of which the online retail sales increased to 7.18 trillion yuan, with the number of China's online shoppers growing to 533 million, according to data released by the Department of Electronic Commerce and Informatization, Ministry of Commerce in May.
China's largest tech corporations join a plethora of major names that are buying into the smart factory unit of Foxconn Technology Group, Apple Inc's most important assembler.
China's e-commerce behemoth JD.com denied the "mass layoff" rumor on Tuesday and claimed it had reported the case to the police.
China's currency formation mechanism and the entire financial sector can achieve coordinated development only when capital account items are basically convertible and the financial sector opens in both ways, he said.
来源：资阳报