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China's e-com transactions exceed 34 trillion yuan in 2019

Jul '20
Pic: Shutterstock
Pic: Shutterstock
China led the world e-commerce space in 2019, employing around 26 million despite mounting downward economic pressures and lingering trade tensions, according to a report from the Chinese commerce ministry. The country's e-commerce transactions hit 34.81 trillion yuan (about $4.9 trillion) last year, with online retail sales reaching 10.63 trillion yuan, up by 16.5 per cent year on year.

E-commerce has contributed a great deal in terms of "promoting consumption, stabilizing foreign trade, alleviating poverty, and boosting employment," playing a key role in ensuring the country's steady and high-quality development, the report said.

In 2019, online retail contributed 45.6 per cent of the growth in the country's total retail sales.

The report also said that China has established bilateral e-commerce cooperation mechanisms with 22 countries, according to a top Chinese newspaper.

In addition, China approved 24 cross-border e-commerce pilot zones in 2019, bringing the total number to 59. These pilot zones provide a streamlined system with simplified regulations for faster examination and approval, customs clearance and easier information sharing for cross-border e-commerce imports and exports.

Since the start of the year, the e-commerce industry has played a prominent role in guaranteeing supplies, facilitating work resumption and stimulating consumption amid the COVID-19 epidemic, said the report.

The ministry pledged more measures to promote the digitalization of traditional industries and ensure the high-quality growth of the e-commerce sector.

China had more than 900 million internet users at the end of last year, with an internet penetration rate of 64.5 percent, the report added.

Fibre2Fashion News Desk (DS)

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