Mar 01, 2017 01:21 AM EST
Chinese e-commerce giant Alibaba has sought tougher laws, stricter enforcement and heavier penalties against retailers or vendors of counterfeit goods in China.
Alibaba announced China's "ambiguous counterfeiting laws" were hindering the ability of authorities to crack down on and build cases against counterfeiters, which has resulted in low conviction rate that is "the fundamental reason for the inefficiency in combating counterfeiting and protecting intellectual property."
The company has stated in its public appeal that current regulations are no longer able to cope with the need to fight counterfeiting.
"Criminals can escape any legal consequence, leaving law enforcement agents and consumers feeling helpless, and society bearing the damage." The company is now urging authorities to strengthen laws, boost enforcement and impose more punitive penalties to deter counterfeiters.
The company added that counterfeiting is damaging not only to consumers and legitimate merchants, but also to innovation and the long-term economic development of the country.
This issue could hinder China's growth as a responsible economic power, Alibaba further stated.
In the latest quarter results ending Dec. 31, 2016, Alibaba has posted a 54-percent increase in revenue to $7.67 billion compared to the previous corresponding period. Revenue from core commerce went up 45 percent to $6.70 billion.
Adjusted earnings before interest, taxes, depreciation and amortization saw a 41-percent increase to $3.89 billion in the quarter ending Dec. 31, 2016 compared to the previous corresponding period.
"Our robust December quarter demonstrates the strength of the Chinese consumer and Alibaba's ability to create value across our vast ecosystem," said Daniel Zhang, Alibaba Group CEO.
According to Maggie Wu, Alibaba Group CFO, because of the company's excellent quarter and with the three quarters of the year coming in ahead of expectations, the company has adjusted its 2017 fiscal year revenue guidance from 48 percent to 53 percent year-over-year growth.
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