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Posted on : Friday 3rd July 2020 12:53 PM

China's E-Commerce Thrives, Transactions Exceeding 34 Trillion Yuan In 2019


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China's e-commerce industry continued to thrive last year despite mounting downward economic pressures and lingering trade tensions, according to a report from the Ministry of Commerce. China led the world in e-commerce, with about 51.26 million people employed in the sector in 2019. The country's e-commerce transactions hit 34.81 trillion yuan (about 4.9 trillion U.S. dollars) last year, with online retail sales reaching 10.63 trillion yuan, up 16.5 percent year on year. 


E-commerce has contributed a great deal in terms of "promoting consumption, stabilizing foreign trade, alleviating poverty, and boosting employment," playing a key role in ensuring the country's steady and high-quality development, the report said. In 2019, online retail contributed 45.6 percent of the growth in the country's total retail sales.The report also said that China has established bilateral e-commerce cooperation mechanisms with 22 countries. 


In addition, China approved 24 cross-border e-commerce pilot zones in 2019, bringing the total number to 59. These pilot zones provide a streamlined system with simplified regulations for faster examination and approval, customs clearance, and easier information sharing for cross-border e-commerce imports and exports.


Since the start of the year, the e-commerce industry has played a prominent role in guaranteeing supplies, facilitating work resumption and stimulating consumption amid the COVID-19 epidemic, said the report. The ministry pledged more measures to promote the digitalization of traditional industries and ensure the high-quality growth of the e-commerce sector. 


China had more than 900 million internet users at the end of last year, with an internet penetration rate of 64.5 percent, according to the report.


CGTN


Tags:
e commerce industry e commerce pilot zones digitalization of traditional industries

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