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China to become world's largest online retail market in 2013

Jun. 1, 2012 (China Knowledge) - China is expected to become the world’s largest retail e-commerce market in 2013 after realizing RMB 782.56 billion or around US$123 billion in online retail turnover last year, said an official of the nation's Ministry of Commerce.

The turnover surged 53.7% YoY and accounted for 4.32% of China's total consumer goods retail volume in 2011, said Li Jinqi, director of the ministry's information technology department.

At the end of last year, China had 194 million online shoppers.

The country's total E-business transactions amounted to RMB 5.88 trillion in 2011, increasing 29.2% from a year earlier and accounting for 12.5% of the GDP for last year.

Of the total E-business trade, RMB 1.69 trillion was contributed by E-business among medium and large-size companies, up 19.1% YoY. The small-sized enterprises' E-business volume grew 26.9% YoY to RMB 3.21 trillion.  

According to statistics, China's transaction volume via third-party online payment platforms totaled RMB 2.16 trillion in 2011, reflecting a jump of about 100% for the fifth consecutive year.

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