Chinese consumers spent record sums during their 11th annual "Singles Day" purchase period, the world's largest single-day shopping event.

According to data from the People's Bank of China (central bank), the volume of online payments through Netsionion, China's online payment settlement company, and UnionPay China, the card payment giant, rose 162.6 percent year-on-year during the shopping spree at the Singles Day festival. "Shopping.

A total of 1.78 billion deals were completed on Monday through the two platforms, with online payments totaling about 1.5 trillion yuan (211 billion US dollars), according to the People's Bank of China.

The bank said it will continue to support banking and non-bank payment institutions to provide convenient and secure services to promote the sound development of the payment sector.

Alibaba reported that more than 22,000 foreign brands from 200 countries participated in the (European) Singles Day Festival

Ecommerce giant
BEIJING (Reuters) - Sales of China's Singles Day festival on Alibaba's Timol electronic platform reached 268.4 billion yuan ($ 38.4) on Monday, a record six times more than the United States' black Friday electronic sales, Xinhua news agency reported. the past.

According to Alibaba, more than 22,000 foreign brands from 200 countries and regions have participated in shopping this year in China.

Within a minute and 36 seconds of the shopping festival kicked off at midnight on Monday, sales on China's Timol electronic platform reached 10 billion yuan (about 1.43 billion dollars).

E-commerce giant Alibaba launched its annual online shopping promotion on November 11, 2009, a day many young Chinese celebrate as a "bachelor 's day", during which shoppers can buy discounted items from groceries to cars.

Slower growth
Timol's first cross-platform shopping festival sales amounted to about 52 million yuan, while last year's singles day sales of Alibaba nearly 213.5 billion yuan.

But sales growth at the annual shopping festival slowed this year to 26%, the smallest increase since the festival began in 2009, indicating how slow e-commerce sales in China are.

Domestic consumption in China has fallen amid trade tensions with the United States, which has caused growth to fall to its lowest rate in nearly three decades.