China's online retail sales reached 2.95 trillion yuan ($456.7 billion) in the first 10 months of the year, higher than last year's full-year sales of 2.8 trillion yuan, a government-sponsored research institute announced Tuesday. [Special coverage]
The amount made China the world's largest online retail market, the China Institute of Cyberspace Research said Tuesday in its "Report on China's Internet development in 20 years." The institute released the report in Wuzhen, Zhejiang a day before the World Internet Conference.
The report said the value of Chinese Internet companies has rapidly increased. There are 328 listed Internet-related companies in China, with 61 of them listed in the U.S. Their total market value has reached 7.85 trillion yuan.
Alibaba, Tencent, Baidu and JD.com are ranked among top 10 global Internet companies. Huawei, Xiaomi and Ant Financial are among the top 20.
The number of people who use cellphones to shop online has grown from 5.5 million in 2012 to 270 million in June 2015, the report said.
