May. 18, 2012 (China Knowledge) – China, one of the world's largest e-commerce market,will become the world's largest E-commerce market by 2013, according to a latest report released by China Academy of Social Science.

Last year China saw its e-commerce market increased 45.8%, and its online shopping transaction increased 67.8% YoY to RMB 750 billion in 2011 which accounted for 4.3% of the country's total retail sales of consumer goods.

With such growth rate, China will exceed Japan this year and further exceed U.S. by 2013 to top the world's largest e-commerce market, said the report.

According to an earlier research made by iResearch Consulting, China's e-commerce market will reach RMB 2.65 trillion by 2015 with an annual growth rate of over 35%.

Currently, over half of thecountry’s top 100 chain stores had entered the e-commerce market to expand their business, sources reported.