Report: China leads global e-commerce race

Despite global economic fluctuations, China is still a world leader in many markets — including global e-commerce.



China’s online retail sales have grown by 33.3% to exceed $581 billion in 2015. Momentum is expected to continue, as sales in the country are expected to grow by 20% yearly through 2020, according to BizView, a B2B marketplace that enables users to connect with over seven million companies around the globe.



The market in China is being driven in part by the country’s growing middle class, particularly individuals under 35 years old. Mobile commerce is extremely popular, and is expected to make up 74% of Chinese online sales by 2020. Given these factors, e-commerce in the country has a very bright future, BizView reported.



The country is also the world’s largest silk producer, exporter, and consumer. While the economic growth of China’s silk industry, including silk exports, has slowed down in recent years, overall China accounts for over 70% of the global silk production, and 90% of the world’s silk exports, the report said.