Internet

Taobao.com Trade Value Reached CNY99.96 Billion In 2008

Chinese Internet auction and e-commerce website Taobao.com has announced that its trade value in 2008 reached CNY99.96 billion, making it one of the largest comprehensive shopping platforms in China.

Statistics from Taobao.com shows that from January to December 2008, the total trade value on this website was CNY99.96 billion, an increase of 131% compared with the CNY43.3 billion in 2007. The trade value of Taobao.com accounted for 1% of China's total retail sales in the same period, according to statistics released by China's Ministry of Commerce.

Taobao.com says the trade value equals to four times of the total retail sales of China's Qinghai province in 2008; double of the retail sales of Hainan province; or half of the retail sales of Chongqing.

The company says because the trade value on Taobao.com is at least CNY40 million per hour at its peak time, it was only one hour away from the CNY100 billion annual trade value in 2008.

Taobao.com seems to be making enough money that in 2009 it might be able to buy an extra hour on the clock.

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