SHANGHAI: The value of China's online retail market rose by over 100% last year, and is now worth an estimated 120 billion yuan ($17.6bn; €13.7bn; £12.3bn) according to figures from the iResearch Consulting Group and internet auction site taobao.com.
Other findings from the two companies' "2008 China Online Shopping Research Report" include the fact that the number of registered online shoppers rose by 185% year-on-year to 120 million.
The online retail sector also increased in value by over 80% in 2007 compared with the previous year.
Among the factors behind the continuing growth of the market are increasing levels of online education, rising levels of internet penetration, and growing popularity of web shopping among urban "netizens".
Data sourced from People's Daily; additional content by WARC staff