China's online sales reach 3t yuan in first half of 2017: report

The development of e-commerce in China has kept a fast pace, with total online sales volumes from December 2016 to May 2017 reaching 3 trillion yuan ($440 billion) for the first time, according to a semi-year report by the Chinese Academy of Social Sciences.

The report released by the National Academy of Economic Strategy, CASS and CCTV suggests Chinese consumers are becoming more sophisticated and focusing more on the quality of the products they buy.

The online sales of health products, sports products and intellectual products such as books have all seen a significant rise through the December to May period compared to the previous six months.

The report also shows the proportion of online retail sales in China, as part of total retail sales of consumer goods, has now surpassed global averages. In May, 2017, Chinese consumers bought products worth over 1.4 trillion yuan on the internet, more than twice the amount in the US.

During the biggest mid-year online shopping spree, the "6.18" anniversary sales event this year, total sales reached 119.9 billion yuan, according to JD.com. This is close to the same amount of money which was spent during the last "Singles Day" event in 2016.

While most of the spending power still rests in China's developed eastern areas, the new report also notes e-commerce growth in China's rural areas.

Analysis also warns of the consistent existence of counterfeit and shoddy products being sold through e-commerce platforms in China.