China Outperforms Global Market as Country’s Online Retail Volume Surpasses Target Number
Online retail volume in China is said to outperform the rest of the world as it reaches 4 trillion yuan this year. According to Commerce Minister Gao Hucheng, China has achieved it key targets by the 12th Five year Plan by the end of 2015 and became a genuine giant trader. China is home to over 80,000 trade market and its total retail sales of consumer goods have hit 30 trillion yuan for this year alone with consumption contributing to 60 percent of the total Gross Domestic Product growth.
For the past five years, China exports of goods grew an average of 6.5 percent annually, with shares of the global market increasing from 10.4 percent in 2010 to 13.2 percent for 2015 performing better than other major global economies, while service trade grew 13.6 percent each year which marks the world’s second largest service trader. Actual use of foreign capital during the 2010-2015 period reached US$ 620 billion with the tertiary sector taking 60 percent of the total foreign capital and outbound direct investment grew 14.2 percent annually.
China will be receiving more foreign direct investment that is said to be worth US$ 135 billion in the financial and non-financial sectors for 2015. Furthermore the Belt and Road Initiative was the highlight of the year having a trade volume with related countries accounting for one quarter of the total and investments in over 50 overseas trade cooperation zones and contracted around 3,000 construction projects.