China the world leader in online shopping

In China

Online retail shopping in China soared considerably in 2016.

The National Bureau of Statistics is responsible for measuring the country’s economic data, and has reported a boom in online shopping. The report notes a 26.2%  increase in online retail sales, and 15.5% of total retail purchases were made online.

The National Bureau of Statistics’ report also stated that China will undoubtedly overtake the United States as leader in the online retailing shopping space, attributing the rapid growth to retailers building a stronger digital footprint.

Internet Retailer quoted Fung Global Retail & Technology analyst Esme Pau, who said: “We expect New Retail, a new form of [online-to-offline sales] promoted by Alibaba and supported by Chinese authorities, will shape the retail landscape for China going forward. Earlier in 2017, Alibaba announced the privatisation of Intime Retail Group, which we believe would be a test case for its New Retail strategy. Also, other partnerships between physical stores are Alibaba and Sanjiang, JD.com Inc. and Yonghui Supermarket.”

In addition, according to the International Monetary Fund, China’s GDP grew by 6.7% in 2016, compared to India’s 6.6% GDP growth.

Could China soon become ‘the most powerful economy globally’?

– Pymnts.com; China Daily 

Join Our Newsletter!

Love BRICS JOURNAL? We love to tell you about our new stuff. Subscribe to newsletter!

You may also read!

China, India hold strategic dialogue in Beijing

February 23, 2017 Displayed with permission from China Daily China and India held a strategic dialogue in Beijing on

Read More...

It’s Maslenitsa (Pancake) week in Russia!

Russians never miss an opportunity to celebrate! Known for its myriad of festivities, Russia celebrates the Maslenitsa Festival throughout this

Read More...

[EXTRACT] China and India to Lead World Economy by 2050

The long-term investment case for gold looks compelling following bullish reports this week from PricewaterhouseCoopers (PwC) and Morgan Stanley.

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu