Statistics showed that more than 2.7 million people are doing business on Taobao.com. It has about 500 million registered users.

The website has established a credibility system. It has a third-party online payment platform which ensures the safety of online payments. Customers can post their comments about the quality of goods and services on the website.

When online shop owners apply for credit from Alibaba Finance, consumer comments and their trade history are taken into consideration when the lender decides credit limits.

Ding Yuanzhu, a researcher with Chinese Academy of Governance, said establishing a social credibility system should rely on both rule of law and market forces.

Premier Li Keqiang said China should "implement a blacklisting system for enterprises that violate market competition principles and infringe on the rights and interests of consumers."

Ding said one of the most important foundations of market transactions is credibility. Implementing a blacklisting system would require vigorous regulations on trading activities and the people involved.

Building a complete market system is key to the establishment of a healthy social value system, he said.

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