According to a new report there is a statement that â€œChina will become the world's largest market for buying and selling products online by 2020, with the total value of commodity sold by e-retailers to overseas consumers likely to reach a whopping $994 billionâ€ . It is estimated that the online retailers will grow 15 per cent annually from $1.6 trillion dollars to 3.4 trillion by 2020.
The state-run Xinhua news agency reported that even stronger growth is expected for cross-border retail, which is expected to rise 27 per cent annually to hit 1 trillion by 2020, as consumers who shop for overseas products online are set to triple during the same period. A growing number of Chinese online retailers have capitalized on the growing domestic appetite for foreign products, from diapers and milk powder to designer bags and fresh produce.
China's Ministry of Commerce showed that more than 100 million Chinese people travelled overseas last year, spending more than one trillion yuan. The cross-border retail also rose more than 30 per cent last year to 4.2 trillion yuan, China E-Commerce Research Centre said. The China's commerce ministry predicts it will climb to 6.5 trillion next year.