China e-commerce hits $928B in 2011

Summary:E-commerce market represents 12.5 percent of country's gross domestic product in 2011, while online retail brings in US$118 billion, says goverment official.

China's e-commerce market brought in 5.88 trillion yuan (US$928 billion) in trades last year, registering a 29.2 percent year-on-year increase, according to an official from the Ministry of Commerce.

In a Tuesday statement by the ministry, Jiang Yaoping, vice minister of commerce of the People's Republic of China, added that e-commerce represented 12.5 percent of the country's gross domestic product (GDP) in 2011. The minister presented the findings at the 12th China International E-commerce Conference held in Beijing.

Jiang said China's online retail market took in more than 750 billion yuan (US$118 billion) which accounted for more than 4 percent of the total consumer retail market.

According to tech.sina.com, the ministry released a report on the development of e-commerce in China in 2011 which noted the number of online shoppers in China reached 194 million in 2011. The report also predicted the country would become the top e-commerce market by 2013. If proven true, this would be two years ahead of predictions by the Boston Consulting Group published in November 2011.

During the event, Li Jinqi, director-general of the department of electronic commerce and informatization, revealed that trading volume by Chinese third-party payment systems reached 2.16 trillion yuan (US$341 billion) in 2011, noted the Sina report.

Topics: CXO, Browser, China, E-Commerce, IT Employment

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The only journalist in the team without a Western name, Yun Qing hails from the mountainy Malaysian state, Sabah. She currently covers the hardware and networking beats, as well as everything else that falls into her lap, at ZDNet Asia. Her RSS feed includes tech news sites and most of the Cheezburger network. She is also a cheapskate mas... Full Bio

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