• IBTimes, Thursday, April 9, 2015 10:27 AM

E-commerce in China grew by 31.4 percent last year, reaching a total market value of more than 13.4 trillion RMB ($2.1 trillion) in 2014, according to data released on Wednesday by the China E-Commerce Research Center (CECRC). The majority of the figure was made up by online Business to Business (B2B) trading, which accounted for some 10 trillion RMB ($1.6 trillion), up 21.9 percent on the previous year, CECRC reported, according to China’s official Xinhua News Agency.  But the fastest growing sector was online retail, which expanded by almost 50 percent year on year to 2.8 trillion yuan ($450 billion) in 2014, thanks to the rapid expansion of Chinese online shopping malls like JD.com, and Alibaba group’s retail sites Taobao and Tmall. Figures released by CECRC last week showed Tmall’s trade alone was worth 763 billion yuan ($123 billion).

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