China 2011 online payment surpasses $124b

Updated: 2012-03-01 21:14


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HANGZHOU - China's e-commerce continues its rapidly expansion as online sales turnover in 2011 surpassed 780 billion yuan ($124 billion), a year-on-year increase of 66 percent, according to a report released Thursday.

The report shows that e-business has supported the country's social development through reducing production costs, increasing employment opportunities and accelerating industrial transformation.

The report was jointly published by the International Data Corporation (IDC), a global provider of business intelligence for the consumer technology market, and Hangzhou-based Chinese e-commerce giant Alibaba Group.

Taobao, China's largest online trade platform, created more than 2.7 million jobs in 2011, the report illustrated.

Online turnover now accounts for 3 percent of the country's total retail sales. It is estimated that the ratio will increased to 7 percent in 2015 as China's e-commerce continues to develop, according to the report.