China’s e-commerce market to nearly double by 2020

December 31, 2016 - China

Transactions in China’s e-commerce market will double to more than 40 trillion yuan ($5.76 trillion) by 2020 compared to 21.8 trillion yuan in 2015, according to a plan released by the ministry of commerce and other government departments. The expansion of e-commerce market and its integration with other sectors will boost economic growth and development.

China’s e-commerce market, which is already the world’s largest and fastest-growing, will employ more than 50 million people, as per the 2016-2020 E-commerce Development Plan.

The growth of e-commerce will help drive innovation in several sectors including education, tourism and medical care. It will also become the main force behind the country’s economic transition, the plan mentions.

China’s online population is growing at 7.8 per cent a year from 2015 and is expected to cross 1 billion mark by 2020. This could take online retail sales to 10 trillion yuan. (RKS)