China's e-commerce, in a crucial stage of development, is to grow at over 50 percent every year, said Song Ling, chairman of China Electronic Commerce Association.

"E-commerce has become an important part of people's life and also a strong driver of China's market economy," said Song at the eighth China International E-commerce Conference held here Sunday.

In recent years, e-commerce has been expanding fast with annual sales rising at 40 percent on average. According to Song, Beijing ' s transaction volume of e-commerce reached 66.6 billion yuan (8.27 yuan against US dollar) last year, Shanghai over 70 billion yuan, and south China's Guangzhou 23 billion yuan.

Rural areas have started over 2,000 websites for e-commerce. E- commerce lowered the transaction cost in traditional industries and improved service management in sectors of finance, telecom and logistics, Song said.

She estimated that, this year, the development of e-commerce would focus on the construction of a credit record system, electronic payments, modern logistics and human resources.

The environment for e-commerce in China is improving gradually. On April 1, China's first "electronic signature act" started to take effect, which is considered the milestone of China's e- commerce development.

The eighth China International E-commerce Conference was launched by China Electronic Commerce Association and organized by Xinhuanet.com.
 
Source: Xinhua News

China reported per capita disposable income of 2,938 yuan in urban households in Q1, up 11.3 percent as against same period of last year. The actual growth rate is 8.6 percent in real terms. The average expenditure for consumption was 2,020 yuan, up 7.2 percent. Spending on service sectors amounted to 515 yuan, an increase of 8.6 percent.

Of urban resident's income, the per capita salary accounted for 2,160 yuan, representing 73.5 percent of their disposable income. The average net income from running business was 183 yuan, up 39.1 percent. The per capita transfer income was 732 yuan, up 15.6 percent. Of the transfer income, the retirement pension and social relief income had increased by 18.4 percent and 15.5 percent respectively. The per capita property income rose 11.3 percent to 57 yuan.

Source: People's Daily