China largest online retail market for 12 years in a row: Govt

The country’s wholesale and retail industries have made steady progress driven by various policies, providing strong support for expanding domestic demand and forging a new development paradigm, vice commerce minister Sheng Qiuping told a press conference.

Sheng said the added value of the wholesale and retail industries reached 13.8 trillion yuan (~$1.9 trillion) in 2024, accounting for 10.2 per cent of the gross domestic product and playing a key role in smoothing circulation, creating jobs and reducing logistics costs, according to a state-controlled news outlet.

ALCHEMPro News Desk (DS)