China Passes U.S. in Important E-Commerce Measure
Nov. 2, 2015
China has passed the U.S. in e-commerce sales as a percentage of GDP for the first time, according to the China Internet Network Information Center (CNNIC), the department of China’s Ministry of Information Industry responsible for Internet affairs. According to the agency’s report, China’s $439 billion in e-commerce sales in 2014 accounted for seven percent of the country’s GDP. American e-commerce companies raked in about $300 billion last year, which the CNNIC said made up six percent of U.S. GDP. In absolute dollar terms, 2013 was the first year China had exceeded the U.S. in e-commerce sales.
According to CNNIC, nearly 56 percent of Chinese consumers (361 million) shopped online in 2014. And, China’s 328 Internet companies now account for 785 trillion yuan ($123.8 trillion)—more than one-quarter of China’s total market capitalization.