Page 13 - THE SOUTH CHINA BUSINESS JOURNAL
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gles Day promotion banner on Alibaba's Tmall percent of overall growth, with retail sales growing
8.2 percent year-on-year to 29.7 trillion yuan.
Alibaba says it had received 1.3
billion delivery orders just before While Singles Day GMV was above market
the 24-hour mark, which means forecasts, they didn’t meet Alibaba’s co-founder Jack
93 percent of China’s population Ma’s expectations. Still, Ma said he was happy that
would have a package after Singles’ the GMV surpassed analyst estimates.
Day. The delivery speeds have also
improved over the years. It took "11.11"s numbers surpassed forecast and went
about 9 days to deliver 1 billion beyond what most people expected from today’s
packages in 2013 but the time economy,” Ma said. “Wall Street predicted
shrunk to around two and a half that 11.11 would grow by around 20 percent, a
days in 2018. sign that China’s consumption is weak and the
economy is slowing down. But our numbers
The Chinese economy has been actually grew 25.7 percent.”
facing persistent downward
pressure amid the transition toward The Alibaba co-founder said he hoped the
a consumption and innovation government would give people a half day off of work
driven economy and the costly for future Singles Day events.■
US-China trade conflict. As such,
consumption has become essential Article by Dr. James Eric (Jay) Black, Schumann Endowed
for the stability of the world's Professor and Chair, Mercer University Department of
second-largest economy. In the Journalism and Media Studies
first three quarters of the year,
consumption contributed 60.5
8.2 percent year-on-year to 29.7 trillion yuan.
Alibaba says it had received 1.3
billion delivery orders just before While Singles Day GMV was above market
the 24-hour mark, which means forecasts, they didn’t meet Alibaba’s co-founder Jack
93 percent of China’s population Ma’s expectations. Still, Ma said he was happy that
would have a package after Singles’ the GMV surpassed analyst estimates.
Day. The delivery speeds have also
improved over the years. It took "11.11"s numbers surpassed forecast and went
about 9 days to deliver 1 billion beyond what most people expected from today’s
packages in 2013 but the time economy,” Ma said. “Wall Street predicted
shrunk to around two and a half that 11.11 would grow by around 20 percent, a
days in 2018. sign that China’s consumption is weak and the
economy is slowing down. But our numbers
The Chinese economy has been actually grew 25.7 percent.”
facing persistent downward
pressure amid the transition toward The Alibaba co-founder said he hoped the
a consumption and innovation government would give people a half day off of work
driven economy and the costly for future Singles Day events.■
US-China trade conflict. As such,
consumption has become essential Article by Dr. James Eric (Jay) Black, Schumann Endowed
for the stability of the world's Professor and Chair, Mercer University Department of
second-largest economy. In the Journalism and Media Studies
first three quarters of the year,
consumption contributed 60.5
