China is an alluring market for online business development

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China is an alluring market for online business development

(People's Daily Online) 15:49, October 19, 2013

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Digital media visionaries and leaders from China met their counterparts in San Francisco at the “China-US Forum on Digital Media Regulation & Business Development” talking about business opportunities in two countries.(People's Daily Online/Han Shasha)

San Francisco, Oct. 18 (People's Daily Online) -- Digital media visionaries and leaders from China met their counterparts in San Francisco recently talking about the digital media regulation and business opportunities from law, collaboration and business development perspectives.

With 511 million internet users, China's e-commerce market has much allure for overseas investors and is poised for rapid development in the years ahead.

"China's e-commerce sales is expected to reach $457 billion by 2016," said Matt Fry, senior vice president of sales & marketing of the Bleum Commerce at the China-US Forum on Digital Media Regulation & Business Development. With the annual growth rate of 30%, China's e-commerce market grows faster than any other major markets. He said that China's digital buyers will outnumber the U.S. and Japan combined.

Talking about the social media and mobile market, Jackie Yang, cofounder & managing director of TransLink Capital thinks that mobile market is considered by many Asian people as the extension of social media in the internet world. In his eyes, the instant message market have been so saturated dominating by IM tools like QQ, wechat and others that foreign instant message companies can hardly find their chances there. He also thinks that the special sub-culture group "Diaosi" is one of the most noticeable consumption power in China. "Those who win the group will win the Chinese market," he said.

According to the newly published report by the McKinsey Global Institute in March 2013, China has become the world's second-largest e-tail market, with estimates as high as $210 billion for revenues in 2012 and a compound annual growth rate of 120 percent since 2003. Only a small portion of Chinese e-tailing takes place directly between consumers and retailers while most occurs on digital marketplaces.

The report also reads that the unique e-tailing engine is enabling China's shift from an investment-oriented society to one that's more consumption driven.

（Editor：LiXiang、Zhang Qian）