E-commerce is booming in Asia and China’s online retail sales have reached the same level as for the whole of 2012 in just the first three quarters of the year, its Ministry of Commerce has said.
Total online retail sales were CNY1.31trn during the period, Xinhua reported. In 2012, online retail sales grew 4.7 times faster than the growth of China’s total retail sales of consumer goods.
Figures show that the number of Chinese consumers shopping online grew by 28.89 million in H1 this year to 271 million.
However Cao Lei, director of the China E-commerce Research Center, said that the industry is currently heavily regulated by the National Development and Reform Commission and several ministeries, from Commerce to Quarantine, and that they needed to co-ordinate their responsibilities and formulate industrial norms in order to meet the rapid development and innovation of the sector.