China’s e-commerce trade reaches US$2.1t in 2014
Print Edition
CHINA’S e-commerce transactions totaled 13 trillion yuan (US$2.1 trillion) in 2014, the government said yesterday, as the country looks online for new drivers of growth.
The commerce ministry did not define transactions, saying the term included business-to-business and retail trade.
Spokesman Shen Danyang said in a statement they grew 25 percent year on year in 2014.
The National Bureau of Statistics said on Tuesday that online retail sales were worth 2.8 trillion yuan in 2014, up 49.7 percent.
China has the world’s biggest online population — 632 million last year — and online shopping has exploded in recent years as consumers turned to the Internet for cheaper products and overseas goods that are believed to be safer than domestic options, such as baby formula.
During its Singles Day on November 11, e-commerce giant Alibaba said consumers spent a record US$9.3 billion, up 60 percent on 2013.
Authorities have said they hope e-commerce will become a new “engine” for growth in the world’s second-largest economy, where growth decelerated last year to 7.4 percent — the lowest in nearly a quarter of a century.
“(Online shopping) ... is an emerging industry and we should support its healthy development,” Premier Li Keqiang said last year.
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