China’s online trade soars 59%
Print Edition
DESPITE an anemic economy, China’s e-commerce trade soared last year thanks to an improved Internet infrastructure and an increase in cellphone users.
The transaction value of Chinese shopping websites rose 59 percent year on year to 16.4 trillion yuan (US$2.6 trillion), according to figures released yesterday by the National Bureau of Statistics.
Third-party platforms, like China’s largest shopping website Taobao.com, accounted for about 44 percent of the total, with self-operated stores taking the remainder, the bureau said.
The country’s 20 biggest online websites saw aggregate transactions totaling 6.2 trillion yuan, making up about 90 percent of all third-party platforms.
Chinese businesses have turned to the Internet to offload stocked goods in a bid to cut costs and increase profits against economic headwinds, while price-sensitive consumers appreciate online shopping for its convenience and a variety of choices.
Sun Qingguo, an official from the bureau, said the booming Internet, especially the pervasive mobile network, created an intimate bond between buyers and shopping websites and provided ample space for the development of e-commerce. China had the world’s largest 4G network and 361 million online shoppers at the end of last year.
Stellar growth in e-commerce also lifted online payment and logistics companies, Sun said.
China overtook the United States to top the world in terms of the business volume in express delivery in 2014.
Surging e-commerce will generate fresh consumption demand, prompt a new investment wave and encourage innovation, Sun said.
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