China’s e-commerce trade continues to surge
Total e-commerce trade in the world’s second largest economy hit 8.1 trillion yuan (US$1.29 trillion) last year.
That represents a growth of 31.7 per cent over the year earlier.
The highest boost came from online retailing (to consumers) which continued its explosive growth, hitting 1.3 trillion yuan (US$206.3 billion).
“The e-commerce industry is booming and has become a new impetus to push forward China’s economic restructuring and industrial upgrade,” said Li Jinqi, head of the department of electronic commerce and information under the Commerce Ministry.
Mobile commerce in the nation is also surging as netizens trusting Internet-based transactions grow more.
According to the Ministry of Commerce vice director, Jiang Yaoping, the e-commerce sector is “still in its infancy”, hence, more efforts should be done to strengthen the government’s role in the sound development of the sector.
Yaoping urged small and medium enterprises to venture into e-commerce business to increase competitiveness.
According to The Economist, by 2020, China’s e-commerce market will be bigger than the existing markets in America, Britain, Japan, Germany and France.