China's e-commerce sector saw steady growth with improving quality from January to May, effectively stimulating domestic demand and leading to the unleashing of greater consumption potential, the Ministry of Commerce said on Friday.
Over the past few months, China has made great efforts in launching various promotion events to cultivate a high-quality e-commerce sector and help foreign trade enterprises expand the domestic market, the ministry said, adding that the country has given full play to policy support, holiday advantages and diverse events to unleash consumption potential.
In the first five months, China's online retail sales increased by 8.5 percent year on year. Quality products, online service consumption and new forms and models of business became new driving forces, with the integration of online and offline consumption being further enhanced.
The sales of digital products, 15 types of home appliances and digital products included in the government-initiated trade-in program, online service consumption, and instant retail on key platforms closely monitored by administrative authorities increased by 10.4 percent, 14 percent, 13.3 percent and 12 percent year on year respectively. Since April, the sales on the key platforms' export goods sections for have exceeded two billion yuan (about 280 million U.S. dollars).
In the five-month period, industrial e-commerce worked to facilitate matchmaking and promote systemic transformation of enterprises. Over 20 cities held more than 200 events to facilitate digital transformation of small and medium-sized enterprises and to promote their ability to coordinate domestic and foreign trade.
In the first five months, major industrial e-commerce platforms manged to expand their application of AI tools from operational links like quality control and service links such as supply and demand matching into the entire process of industrial development, shortening the research and development cycle by 40 percent and reducing operating costs by 15 percent.
Meanwhile, the number of China's Silk Road e-commerce partners increased to 35. The Ministry of Commerce's "E-commerce Benefits the World" themed event advanced in an intensive and efficient way, with 40 key activities planned throughout the year empowering practical cooperation among the partners.
China's e-commerce in steady growth in January-May: Ministry of Commerce
