China: Online commerce drives consumption growth


China: Online commerce drives consumption growth

Online shopping trend has thrived and has spurred consumer activities, thereby increasing the resilience of the Chinese economy.

E-commerce is helping China’s economic recovery. (Image: Reuters)

In the midst of economic activities being more or less hampered by the COVID-19 epidemic, the retail sector online is the driving force that strongly supports the Chinese economy, through the growth of growth and internal consumption circulation.

The report released by China Internet Network Information Center, citing National Bureau of Statistics data, shows that China’s online retail sales in the first half of 2020 have increased by 7.3% year-on-year. period last year, to over 5,150 billion yuan (about 758.5 ​​billion USD).

During this time period, sales Online retail sales of physical goods accounted for 25.2% of the total retail Consumer goods. Online shopping has thrived, the report says, and has spurred consumer activities, thereby increasing the resilience of the economy.

The report also notes that in the context of online commerce is opening up new opportunities, new industries and business models such as shopping Online for agricultural products will be a solid support engine for the transition of traditional industries and help the circulation of agricultural products.

According to the report, China’s number of online consumers reached 749 million in June 2020, up 5.5% from March and accounting for 79.7% of the country’s total Internet users.

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