Core Viewpoint - The rapid development of the digital economy has made live e-commerce a significant driver of consumption and economic growth, but it also faces issues such as false advertising, after-sales difficulties, and data fraud. The new regulatory framework aims to establish a comprehensive system for managing responsibilities among all parties involved in live e-commerce [1][2]. Group 1: Regulatory Framework - The State Administration for Market Regulation (SAMR) and the National Internet Information Office have developed the "Live E-commerce Supervision Management Measures," which will soon be officially released [1]. - The new regulations aim to define the responsibilities of all parties involved in live e-commerce, moving the industry towards a more standardized and legally compliant phase of "high-quality development" [1][2]. Group 2: Industry Characteristics and Challenges - Live e-commerce features a distinct separation of "people, goods, and scenes," complicating the resolution of disputes as consumers often struggle to identify responsible parties [2]. - The SAMR plans to enhance the regulatory framework by establishing an integrated supervision mechanism that includes both online detection and offline investigation [2][3]. Group 3: Regulatory Innovations - The SAMR will implement a "layered and graded supervision" approach and a "penetrating supervision" system to improve governance capabilities in the live e-commerce sector [3]. - The focus of competition in live e-commerce is expected to shift from mere traffic and lowest prices to supply chain capabilities, service quality, and brand reputation as the regulatory framework matures [3].

Core Viewpoint - The Market Supervision Administration is developing a new regulatory model to address the challenges posed by live-streaming e-commerce, focusing on enhancing governance capabilities through three main measures [1][2]. Group 1: Regulatory Measures - Strengthening tiered and graded regulatory enforcement to address the cross-regional nature of e-commerce platforms, with a focus on delineating regulatory responsibilities and enhancing law enforcement efforts [2]. - Enhancing cross-regional command and coordination to achieve comprehensive chain-wide enforcement, establishing an integrated regulatory mechanism that combines online detection with offline investigation [2]. - Exploring penetrating regulation to innovate regulatory models, conducting pilot programs in active platform economies to analyze complex legal relationships and manage associated risks effectively [2].