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China to boost e-commerce sector

Staff writer ▼ | November 25, 2013
China will further boost the development of e-commerce, aiming to bring online retail sales up to 10 percent of the country's total retail sales by 2015, according to guidelines released by the Ministry of Commerce.
China e-commerce
China e-commerceChina will further boost the development of e-commerce, aiming to bring online retail sales up to 10 percent of the country's total retail sales by 2015, according to guidelines released by the Ministry of Commerce.


Total e-commerce transactions in China, including retail sales, are expected to exceed 18 trillion yuan ($2.95 trillion) by 2015. By that year, exports and imports via e-commerce could amount to at least 10 percent of China's total trade, the ministry has forecast, reports China Daily.

E-commerce has proven itself to be a new powerhouse for the nation's economic growth. According to the Hangzhou-based China e-Business Research Center, online retail transactions accounted for 6.8 percent of all retail sales, reaching 754.2 billion yuan in the first half of this year.

China will expand the use of e-commerce with a focus on key areas including retail, cross-border trade, agricultural products and the service sector. The Commerce Ministry will offer policy and financial support to encourage more manufacturers and companies to engage in cross-border e-commerce, particularly small and medium-sized enterprises.

Domestic e-commerce companies are encouraged to "go global" by setting up overseas agencies and improving offshore warehouse and logistics services. The ministry said that the development of e-commerce should be "market-oriented" with some "push from the government". At the same time, it urged local authorities to offer more support to help develop e-commerce, including attracting more private capital into the sector.


 

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