Plan to achieve US$2.9t target via online buying

By Ding Yining | November 22, 2013, Friday |

Print Edition

China will encourage spending via online channels and targets a transaction volume of 18 trillion yuan (US$2.9 trillion) by 2015 as the country focuses on moving toward a consumption-powered economy from an investment-driven one.

Online retail is set to account for at least 10 percent of total retail sales by then, the Ministry of Commerce said in a statement on its website yesterday.

E-commerce is also likely to account for over 10 percent of imports and exports by 2015.

The size of China’s e-commerce market will continue to grow 32 percent annually in the next three years and expected to be 50 percent bigger than the US in 2015, consultant Bain & Company said its annual “China E-commerce Report” earlier this year.

Last year, the total transaction size was around 8.1 trillion yuan.

The ministry will also encourage department stores and chain stores to launch their own e-commerce business. Suning Commerce Co and Gome Electrical Appliances Holding have their own digital presence after they were pressured by online retailers like Taobao and JD.com.

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