E-commerce Transaction Value to Hit 40 Trillion Yuan in 2020
(Beijing) — China is aiming for its flourishing e-commerce sector — a new pillar for driving consumption, trade and employment — to grow at 12% annually through 2020, according to the country’s latest five-year plan.
China’s e-commerce market, the largest in the world, is expected to double in the next four years to 40 trillion yuan ($5.75 trillion) a year with online retail doubling to 10 trillion yuan a year.
The sector will provide more than 50 million jobs by the end of 2020, according to the nation’s 13th Five-Year Plan (2016-2020), published by the Ministry of Commerce.
Policymakers have underlined cross-border pilot programs, a fusion of social networking and online shopping, bringing farm produce online and incorporating virtual reality and augmented reality technology into the shopping experience in the detailed plans for e-commerce.
The sector will play an important role in achieving the aims set out in the 13th Five-Year Plan, which prioritizes abandoning heavy industry and boosting China’s technological edge.
There are now 27 million people working in e-commerce, a market worth 22 trillion yuan. One out of every 10 yuan in retail this year was spent by consumers online. E-commerce has also given rise to a roaring delivery sector, with more than 30 billion parcels sent this year.
Draft laws that will better govern the sector are being reviewed, and may be rolled out late next year.
Contact reporter April Ma (email@example.com)
Jul 13 19:13
Jul 13 18:03
Jul 13 16:34
Jul 13 13:57
Jul 13 12:49
Jul 10 19:00
Jul 10 18:54
Jul 10 17:22
Jul 10 16:31
Jul 10 13:03
Jul 09 19:19
Jul 09 19:10
Jul 09 18:49
- 1For Electric-Vehicle Maker Nio, Government Tie-Up Has Its Benefits
- 2Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
- 3Zoom Investment Grew From Li Ka-shing’s Disgust at Pricey Video Gear, Says His Tech-Savvy Companion
- 4In Depth: CATL Loses Electric-Car Battery Crown as Foreign Firms Muscle In
- 5Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas