China's e-commerce revenue hits $175 bn
Beijing: China's booming online commerce industry is expected to have reaped more than 1.1 trillion yuan (about USD 175 billion) in revenue in 2012, Commerce Minister Chen Deming said Friday.
"The total revenue of online commerce is estimated to be around 1.1 trillion yuan (about USD 175 billion) to 1.2 trillion in 2012," Xinhua quoted Chen as saying.
China's online commerce has experienced rapid growth in recent years, with its total revenue expanding from 25.8 billion yuan in 2006 to 780 billion in 2011, the commerce minister told a press conference held on the sidelines of the ongoing national legislature.
"Online shopping is changing people's way of life and consumption, taking advantage of the huge potential of China's industrialization and urbanization," Chen said.
The commerce minister said the growth dwarfed that of many western countries.