Chinese B2B e-commerce website 99114.com has announced plans to invest CNY10 million to set up an operating center in Jinhua, Zhejiang, to promote regional economic development.

Wang Haibo, CEO of 99114.com, told local media that 99114.com did not previously invest much in the Zhejiang market, but it initially established its market foundation over the last three years. As the demonstration city for e-commerce ventures in China, Jinhua has advantages in the e-commerce industry.

In addition, to accelerate the development of Jinhua as the capital of e-commerce, various related units have enhanced their support to the development of e-commerce in the city. Therefore, it is the right time for 99114.com to set up its operating center in Jinhua this year, said Wang.

Founded in 1999, 99114.com started as a corporate yellow pages services provider and it began to provide e-commerce services between enterprises from 2006. In 2007, it reached a capital cooperation with the U.S.-listed company eFuture. The company claims its current market value is about CNY1 billion and its annual operating revenue in 2009 was CNY200 million.

According to statistics from market research firm IDC, the scale of China's e-commerce market reached nearly CNY2 trillion in 2009 and it is expected to reach CNY2.5 trillion in 2010.