A draft of China's first e-commerce law will be completed by the end of 2015 for further deliberation by the top legislature in 2016, a lawmaker said on Tuesday during a press conference on the sidelines of China's annual parliamentary session.

Yin Zhongqing, deputy director of the National People's Congress Financial and Economic Affairs Committee, which is tasked with drafting the e-commerce law, said the main purpose of the law is to spur innovation and competition while taking into account regulation, since e-commerce is still flourishing.

Yin said the law will include provisions for an honest trade environment, quality of goods and services, protection of consumers' interests and intellectual property rights.

The lawmakers' remarks came after Zhang Mao, minister of the State Administration for Industry and Commerce (SAIC), urged e-commerce platforms to take "key responsibilities" for promoting "credibility and integrity."

SAIC published a report earlier this year, accusing Alibaba-backed Taobao.com of selling counterfeit goods. The platform was also found to assist transactions for a large number of shoddy commodities.