Eachnet, a wholly owned company of eBay and the largest internet auction website in China said on September 6 that despite such problems as dated payment and unsafe online transactions, the online auction market in China has been increasing rapidly.

According to Mr. Shao Yibo, founder and CEO of Eachnet, the number of users of Eachnet reached 6.9 million in the second quarter of this year, an increase of 1.4 million over the first quarter. Meanwhile, the transaction volume of the website has increased by 28% over the first quarter.

With this ratio of increase, it is predicted that the total transaction volume for the website will reach CNY 2 billion by the end of the year, accounting for 60% of the market share.