With the outbreak of the international financial crisis, many enterprises were in preparation for a ‘winter economy’. In contrast E-commerce is presenting a booming prospect: In 2008, the total amount of China’s E-commerce transactions exceeded RMB3 trillion, increasing more than 40% year-on-year. In the third quarter of last year, buyers on the Alibaba’s global platform increased 1.2 million, equaling the whole quantity for the previous year.
Nie Linghai, deputy director of the information technology department in Ministry of Commerce said, ‘The financial crisis provided a rare development opportunity for China’s E-commerce industry.’
10 years ago, Ma Yun, founder of Alibaba went to the US to seek venture capital in Silicon Valley. He wanted to raise several million dollars but encountered many difficulties. This is because at that time, venture investors were not optimistic about the prospects of China’s Internet, not to mention E-commerce.
But 10 years later, E-commerce is now playing an increasingly important role in China’s commerce arena. Major E-commerce companies Alibaba, Dangdang and Zhouyue have all witnessed increasing annual volumes of transaction.
These online business companies are holding leading positions in B2B, B2C and C2C markets respectively.
English People’s Daily Online reported that Wei Zhe said with full confidence, ‘E-commerce will bring a new commercial civilization.
The high degree of transparency on the Internet made integrity in the new commercial civilization become increasingly important. We should value integrity. Businesses with good credit on Taobao and Alibaba’s platforms are also prosperous businesses; they can also get unsecured loans. In contrast, the Internet’s high degree of transparency made the enterprises with bad records get banned around the whole world.’
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