Just In
- 12 min ago Infinix Note 40 Pro Plus 5G Goes on Sale in India Today via Flipkart: Check Price, Specs, Offers
- 14 hrs ago OPPO Find X7 Ultra Camera Deep-Dive: Pushing the Boundaries of Photography on a Smartphone
- 15 hrs ago iQOO Z9 Turbo Launched in China: Snapdragon 8s Gen 3, 16GB RAM, and More
- 16 hrs ago iQOO Z9, Z9x Launched in China: 6000mAh Battery, iQOO 12 Inspired Design, 50MP Camera, & More
Don't Miss
- Sports IPL 2024: Why Virat Kohli decided to stay at RCB despite offers from other Teams?
- Finance Strong Listing: Vodafone Idea FPO Soars In Debut, Shares Rebound; KM Birla Lauds Success
- News Bha: New Shoe Sizing System To Replace US/UK Sizes: What It Is And Why It Matters For India
- Movies Ranneeti: Balakot & Beyond Full Series LEAKED In HD For Free Download After Its Release; DEETS -
- Automobiles India's Aviation Authority Mandates Children Under 13 To Sit With Parents On Flights
- Lifestyle Exclusive: On World Malaria Day 2024, Dr Shares Danger Signs Parents Must Watch Out For In Child With Malaria
- Education JEE Main Result 2024 Out, Telangana's 15 Toppers Shine, Check Statewise List of 56 Candidates with Perfect 100
- Travel Escape to Kalimpong, Gangtok, and Darjeeling with IRCTC's Tour Package; Check Itinerary
China overtakes US in E-commerce sales: report
China has overtaken the US to become the world's largest online retail market as its E-commerce revenues grossed USD 439 million last year constituting 7 per cent 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 seven per cent 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).
SEE ALSO: Gionee F103 Review: The Thin, 4G Enabled and Affordable Device
China has exceeded the US to become the world's largest online retail market, it said as the online retail transactions reached 2.79 billion yuan (USD 439 million) in 2014, one of the key economic achievements of China's Internet development during the 12th Five-Year Plan period (2011-15). However, according to US journal Statista, US online sales last years accounted to about USD 290 billion.
Commenting on China's progress, Qin An, a cyber-security expert at the China Institute for Innovation and Development strategy, told the Global Times that "China has followed the world's trend to become a leader in e-commerce thanks to its favourable policies and competitive enterprises."
According to CNNIC, there are so far 328 listed internet companies in China, whose total market cap reached 785 trillion yuan, accounting for 25.6 per cent of the nation's market capitalisation. Four of them have made their way to the top 10 world Internet companies, including Alibaba. In 2014, the number of online shoppers climbed to 361 million, representing 55.7 per cent of the nation's shoppers.
SEE ALSO: Celebrate #instaDiwali with Bajaj Finserv & GizBot, stand a chance to win Nexus 5X
Online shopping represents 20 per cent of all consumer demand, the report said. For the first time mobile phones have become the most commonly-used platform to access the internet, followed by computers. Some 594 million people in China can access to the Internet through mobile phones. The number is 86.8 per cent higher than in 2005-10.
The internet also boosted growth in related industries such as smart phones, servers, storage and internet infrastructure, Global Times quoted the report as saying.
E-commerce was able to thrive in China because it was from the beginning competitive with its Western counterparts, whereas the nation's traditional retail businesses are not as developed as those in the West, said Wang Xiaoxing, an industry analyst from consultancy Analysys International.
SEE ALSO: Internet.org: 10 Important Facts You Should Know
On cyber security, the report noted that China has issued 76 regulations and documents relating to cyber security, over 2.6 times of that of 2005-10, while many special operations have been carried out to regulate the Internet, including a crackdown on pornographic and violent content.
China remains a key victim of cyber attacks despite all the measures in the 12th Five-Year Plan period, which have failed to meet the expectations, Qin said. Qin added that a better guarantee on the development of an industry aiming to protect Internet security should be listed as a national strategy.
Source PTI
-
99,999
-
1,29,999
-
69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
11,999
-
16,026
-
14,248
-
14,466
-
26,634
-
18,800
-
62,425
-
1,15,909
-
93,635
-
75,804