Yang Jian: Electronic Transactions (Contract Formation) Amendment Bill — In CommitteeText is incorporated into the Bound VolumeYang Jian: Electronic Transactions (Contract Formation) Amendment Bill — In Committee[Sitting date: 09 April 2014. Volume:697;Page:17102. Text is incorporated into the Bound Volume.]Dr JIAN YANG (National):I appreciate the contributions of my colleagues. They have argued very eloquently the necessity of my colleague Paul Goldsmith explaining why he used this title the Electronic Transactions (Contract Formation) Amendment Bill. I actually have a PhD but in international relations. I always admire those who understand electronics so I would appreciate it if he could explain exactly why he used this title and give further explanation. It is important because this bill is itself particularly important. Of course you can say it is simple it is straightforward but none the less it is particularly important.I want to re-emphasise the importance of this bill simply because the internet industry has become so important to our economy. I will emphasise some statistics that I have used in the past. Businesses and consumers are now living in the internet age and our legislation needs to keep up with changing technology to ensure that we have constituency. The internet has already impacted the economy in a range of ways such as investment in internet-related infrastructure.In 2009 Statistics New Zealand—and this is very important—valued the net capital stock held in the telecommunications internet and library services industry at $14.7 billion or 2.6 percent of total New Zealand capital stock. Since then the Government has agreed to invest $1.65 billion in the ultra-fast broadband roll-out through to 2019.In 2009 the internet service industry contributed $4.2 billion or 2.3 percent of GDP. Also I would emphasise that the Boston Consulting Group estimated in 2012 that broadband would deliver $32.8 billion in benefits to New Zealand end-users over the next 20 years. Also more important the New Zealand Institute of Economic Research completed a report on the role of the internet in the New Zealand economy in 2012. The report emphasises that “economists see the institutions ‘rules of the game’ such as the legal status of different types of transactions in an economy as vital determinants to the way it functions.” The structures and frameworks must suit—match and support—the types of economic activities that are taking place. So the wider rules of society such as laws enforcement provisions and other policies and oversight of the internet play a role in determining its effect on the level of structural change for innovation in an economy. This suggests that for the internet to maximise its impact complementary policy and institutional settings need to be correctly set and kept up to date. So this is my quotation.Basically I would emphasise again the importance of the bill simply because it is so crucial to our economy. As I said I was educated in international relations but I really admire those who are good at electronics. So I admire my colleague Paul Goldsmith who has drafted this particular bill. It is particularly important and I would appreciate his explanation regarding the title itself. Thanks.