China set to overtake US in e-commerce

BEIJING - E-commerce in China reached a value of RMB4.35 trillion in the first half of the year, up 24.3% from a year earlier, according to the China e-Business Research Centre, and is expected to overtake that of the US later this year. Total spending by Chinese consumers through online shopping reached US$212.4 billion in 2012, compared to US$228.7 billion in the US, according to Bain & Company. The market has grown at an average rate of 71% from 2009 to 2012, versus 13% in the US, and its total size is expected to reach RMB3.3 trillion by 2015.