(Yicai Global) Oct. 20 -- The consumer products division of China's Ministry of Industry and Information Technology has signed an agreement with e-commerce behemoth JD.com (NASDAQ:JD).
The two will collaborate to formulate a product-tracking system, in brand promotion and in steering rising consumption and in other areas via Big Data and cloud computing technologies.
The Ministry's food safety-tracing platform will also share data with the security platform for JD.com's blockchain to facilitate the construction of the consumer product- tracking system that includes infant formula and other products. It is expected to share information with consumers throughout the process of production, circulation and consumption.
The two sides will regularly issue research reports on the consumer products industry, study the trend of brand development and rules to promote the improvement of the consumer goods industry and guide consumer habits. Chinese e-commerce firms like JD.com are pivotal in the development of the consumer goods market, and the two will jointly study and summarize their cumulative successful experience to provide guidance for consumer goods companies in building brands, ministry officials said. Providing genuine, quality products is JD.com's foundation and the company has been working to improve the quality control of its products through government and business cooperation, said Lan Ye, the firm's executive vice president. This cooperation with the ministry will facilitate the whole process of tracking products and guarantee the quality of consumer goods.