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China’s e-commerce continues its rapid expansion with online sales turnover in 2011 rising by an annual 66 per cent to surpassed 780 billion yuan (USD$124 billion), according to Xinhua News.

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.

Source: Xinhua News

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