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Authorities in East China's Zhejiang province on July 5 released China's first provincial-level regulations regarding competition compliance management of internet platforms.

The regulations will take effect starting from August 5.

At present, there are 310 online trading platforms in Zhejiang province and more than 11 million operators, accounting for nearly half of the national total.

In 2021, the value of Zhejiang's e-commerce platform transactions was again the highest in the country when it hit 9 trillion yuan ($1.341 trillion).

There were 1.13 million new online stores from Zhejiang in 2021, an increase of 41.8 percent. The transaction volume of Zhejiang's online stores exceeded 2.3 trillion yuan, the second highest in the country.

Next, authorities in Zhejiang will aim to implement an incentive mechanism for corporate competition compliance and encourage companies to establish a competition compliance system.