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Wednesday, May 9, 2012

China aims to double e-commerce sales to 18 trillion Yuan by 2015

BEIJING: China aims to double the value of its e-commerce sales to 18 trillion Yuan, or 2.86 trillion dollars by the end of 2015, which would make it the leading market for global e-commerce.

That's according to an E-commerce 12th Five-Year Plan (2011-15) that was released on Tuesday by the Ministry of Industry and Information Technology, the nation's top industry regulator, the China Daily reports.

China, with 513 million internet users, is home to more residents who are online than the United States, according to a China Internet Network Information Center report in January.

In 2010, about 161 million internet users purchased 513.1 billion Yuan in goods online, an amount making up 3.3 per cent of the value of all retail sales in China.

"E-commerce has expanded into various industries such as the agriculture, trading, transportation, finance and travel industries and is merging with China's substantial economy," the plan says.

As online shopping becomes more popular, so do methods of making payments through third-parties online.

From 2005 to 2010, the amount of payments made through third-party services increased 60-fold to hit 1.01 trillion Yuan.

"Business-to-customer e-commerce will become the main driver of China's online shopping industry," said Ding Jiaqi, an analyst with the domestic information technology research company iResearch Inc.

Websites that allow businesses to sell directly to customers, such as Taobao.com, Amazon.com.cn and 360buy.com, held about 23.2 per cent of the e-commerce market last year, having about 179 billion Yuan in sales, Ding said.

The development of mobile internet devices has also boosted e-commerce.

The number of people who had devices that could connect to third-generation, or 3G, networks in China hit 47 million by the end of 2010, and many websites have developed internet applications for use in online shopping.

The value of online trading among Chinese businesses, meanwhile, is expected to reach 15 trillion Yuan by 2015.

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