BEIJING: China has over taken the US to become the world's largest online retail market as its e-commerce revenues grossed $439 million last year constituting 7% of its GDP, according to a new report.
The internet has become a critical element of China's economic progress in the past five years, accounting for 7% of the world's second largest economy's gross domestic product (GDP) in 2014, a percentage point higher than the US, state-run Global Times reported, citing a report issued by China Internet Network Information Centre (CNNIC).
However, according to US journal Statista, US online sales last years accounted to about $290 billion.
China has become the high competitor for others as it leads no 1 in E-commerce market. Hopefully it will a healthy competition for others.
Jayanthi - Ecbilla - Educational Portal
Looks like writer is all confused between million and billion really shamefull
soon Indian will tk the lead
Given Chinese population that is on expected lines
It is alarming that China has by-passed USA in e-commerce trade. USA has to make change in their policy to overcome China.
India Wil soon overtake China also
surely China is going to cross US in many areas