Prodigious growth of online markets in China

[img_assist|nid=8208|title=|desc=|link=none|align=left|width=100|height=100] High growth is going on in the Chinese e-commerce sector. This year top online site of China Taobao which is Alibaba's online consumer website expects its transaction volume to surpass 100 billion yuan corresponding to 14.4 billion U.S. dollars, a 130 percent increase from the previous year the figure rendered by Liang Chunxiao, Alibaba's vice president.

Due to the dynamic growth in China's e-commerce market, Taobao's customer base greatly increased in the first quarter and achieved the number of 62 million compared with 53 million in 2007. The transaction volume of Taobao in the first three months hit 18.8 billion yuan, up 170 percent from the same period a year earlier.

The Beijing-based China Internet Research Center reports that last year 55 million domestic Internet users shopped online spending 59.4 billion yuan.

Taobao.com had maintained its leading position in the online shopping market last year and in the first quarter.