China has released new rules to boost spending in its fast-growing e-commerce sector as it looks to encourage greater levels of domestic demand after the country’s leaders announced its most ambitious reforms in decades earlier this month.
China will target total e-commerce transactions of 18 trillion yuan ($2.95 trillion) by 2015, according to guidelines released by China’s Ministry of Commerce (MOFCOM) on Thursday. Total e-commerce spend last year was 8.1 trillion yuan.
With the rise of smartphones and broadband connections, China’s online retail segment is set to overtake the United States as the world’s biggest this year and reach 3.3 trillion yuan by 2015, according to Bain & Co. Total spending by Chinese consumers on online shopping reached $212.4 billion in 2012, compared to $228.7 billion in the United States.
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