eCommerce is expected to play a big part in the Chinese economy in coming years, one politician has indicated.
According to China Daily, the country's vice-minister of commerce Jiang Yaoping predicted the sector will grow at a great rate in the near future, highlighting his belief China will replace Japan as the third-largest nation when it comes to value of eCommerce transactions.
He went on to explain electronic trade has numerous benefits.
"Besides helping enterprises tap new markets, reduce costs and cope with the financial crisis, eCommerce also plays a bigger role in assisting China to stabilise exports and stimulate domestic demand," Mr Yaoping stated.
The politician added growing numbers of people in rural areas are beginning to shop online, which should help the industry grow further.
It follows news that eBay's president and chief executive officer John Donahoe said in an interview with CNBC-TV18's president and editorial director of TV18 Business Media Senthil Chengalvarayan he predicts eCommerce in India could be worth $1 billion (£650 million) within three years.
The conversation was reported by Forbes India.