China E-commerce grows 59% to $2.68 trillion despite slowing economy

China’s e-commerce <g data-gr-id="42">raked</g> up a whopping $2.68 trillion in 2014, registering a 59.4 <g data-gr-id="43">per cent</g> jump from the year before despite a slowdown in the world’s second-largest economy. China’s e-commerce trade soared in 2014 thanks to improved Internet infrastructure and an increase in cellphone users, state-run Xinhua news agency reported.

Transaction volume of Chinese e-commerce platforms totalled 16.39 trillion yuan ($2.68 trillion) in the last year, up 59.4 <g data-gr-id="31">per cent</g> year-on-year, data from the National Bureau of Statistics stated on Monday. Confronted with sluggish domestic demand, China is counting on e-commerce to lead a new wave of consumption and prop up economic growth. From cities to countryside e-commerce revolution is sweeping China as the number of Internet users went up to 668 million in China in the first half of this year, with about 90 <g data-gr-id="32">per cent</g> of the users accessing it through mobile phones.

Among the users, 27.9 <g data-gr-id="29">per cent</g> or 186 million are rural <g data-gr-id="28">resident</g>; the rest are from cities, majority of whom purchase goods online via e-commerce units such as Taobao, China’s largest online shop promoted by e-commerce giant Alibaba.

In rural areas, more than?30 <g data-gr-id="30">per cent</g> of China’s rural population <g data-gr-id="36">are</g> online. E-commerce enables farmers to sell goods quickly and conveniently, shop for materials and obtain loans easily. The Internet has made intensive mechanised production <g data-gr-id="26">achievable,</g> boosted yields with fewer labourers and made agriculture greener and food safer.