How China’s online retail appetite is eating our lunch

Commerce Minister Gao Hucheng (pictured) boasts online sales will reach four trillion yuan (US$16 billion) this year.

China has attained the key targets (outlined in the 12th Five-Year Plan) by the end of 2015 to become a genuine giant trader, Gao said at a national meeting on commerce. As a result it has outpaced its global competitors.

China is now home to over 80,000 trade markets and total retail sales of consumer goods would each 30 trillion yuan this year with consumption contributing to about 60 percent of total GDP growth, he added.

In the past five years, China’s exports of goods grew at an annual average of 6.5%, with its share in the global market rising from 10.4% in 2010 to about 13.2% in 2015, faring much better than major global economies. Service trade grew over 13.6% each year,marking the world’s second largest service trader.

China’s actual use of foreign capital during the 20102015 period is expected to reach $620billion with the tertiary sector taking over 60% of total foreign capital. Outbound direct investment grew at 14.2 % annually.

China is expected to receive foreign direct investment worth $135 billion both in financial and non-financial sectors in 2015, according to Gao.