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(Yicai Global) May 30 -- The total value of China's cross-border e-commerce transactions surged 81 percent annually to CNY90.2 billion (USD14 billion) last year as online retail grew in significance as a means for domestic firms to expand into overseas markets.
Of the cross-border transactions, China's online imports surged 120 percent to CNY56.6 billion, while exports rose 41 percent to CNY33.65 billion, the country's commerce ministry said at the 2018 China E-Commerce Convention in Beijing.
The ministry's newly released 2017 China E-Commerce Report found that the country's total e-commerce transactions grew steadily last year, increasing 11.7 percent to CNY29.2 trillion. China's e-commerce made clear progress in 2017, said Qian Fangli of the ministry's department of e-commerce and informatization, adding that growth remains unbalanced which is an inhibitor of the sector's high-quality development.
China's aims to develop e-commerce further this year by faster integrating digital technologies like big data, artificial intelligence, and blockchain to boost transaction scenarios. The accelerated integration of online e-commerce platforms with offline traditional industries and supporting resources of supply chains will create a more synergetic digital ecology.
The volume of e-commerce services transactions increased by just over one-third to CNY5 trillion driven by changes in consumer habits due to the rise of mobile payments when dining, traveling and seeking medical treatment. Online payments related to non-banking payment institutions in the country rose 44 percent annually to CNY143.26 trillion last year.
Editor: William Clegg