Big vote of confidence in future by consumers

Amid global fears about China's economic slowdown, the jaw-dropping amount that Chinese consumers spent on Wednesday was a much-needed display of China's huge potential domestic consumption, which if realized would be a key growth engine for the world's second-largest economy and the global recovery as well.

However, while noting Chinese consumers' eagerness and ability to spend so much during the Singles' Day online shopping gala, policymakers should double their efforts to improve the market environment so as to make every day a shopping day.

The 11/11 online sales jamboree reached $9.3 billion last year - the first time the event was expanded globally. This year China's e-commerce giant Alibaba has reported that shoppers spent around $9 billion in the first 12 hours of Wednesday.