Alibaba e-com transactions hit $153B

Alibaba's retail sites--Taobao and Tmall--transact 1 trillion RMB (US$153 billion) in sales, as of Nov. 30, which translates to 2 percent of China's GDP in 2011.

Transactions on Alibaba Group's consumer shopping sites, Taobao Marketplace and Tmall, reach 1 trillion RMB (US$153 billion) as of Nov. 30, which translates to 2 percent of China's GDP (gross domestic product) in 2011.

The Chinese e-commerce giant made the announcement in a forum post Monday, revealing that online shopping grew faster in tier-3 and tier-4 Chinese cities at over 60 percent, compared to tier-1 and tier-2 cities which grew at 40 percent.

Local news reports, citing data from the World Bank, noted China's GDP last year clocked at US$7.3 trillion. This meant Taobao and Tmall's transactional value accounted for 2 percent of the country's GDP. According to a Reuters report, China's Commerce Minister said China would hit its economic growth target of 7.5 percent for 2012, bringing the country's GDP to about US$7.8 billion.

Alibaba did not break down sales volume contributed by the respective retail sites. However, in mid-November, it said Tmall brought in sales of over US$800 million during the "Singles Day" sale .

The company also said its two retail sites indirectly created 10 million jobs. One such example is found in a Chinese vocational school which taught Web entreprenuership  so students could learn to become online business owners on Taobao Marketplace.

In a statement relesaed last month, research firm Euromonitor predicted Alibaba's Tmall will overtake Amazon by 2015 to become the world's largest Internet retailer. In a separate report in May, Boston Consulting Group predicted China will likely become the largest online retail market in the world by 2015.