China’s online retail sales increased 17.8% year on year to RMB 4.8 trillion ($684 billion) in the first half of this year, according to official data.
Why it matters: The annual growth rate of China’s e-retail market has stabilized at around 20% after falling from consistent figures above 30%.
The slowing expansion comes as a broader economic slowdown takes a grip, and the US trade war intensifies.
China’s online retail sales increased 17.8% year on year in the first four months of 2019, down from a 32.4% jump for the same period last year, according to China’s National Bureau of Statistics.
“As Chinese economic growth shifts from high-speed to high-quality, and the growth dividends of Chinese internet users fade away, the gradual slowdown in online retail spending fits into the pattern of economic development.”
—Gao Feng, China Ministry of Commerce Spokesperson