By Yuan Yanan

Consumption has become the central pillar of China’s economic growth.On November 11,2019,Singles’ Day,China’s biggest shopping festival,reached its 11th year.E-commerce sales in China continued to increase:Alibaba set new record with more than US$38.1 billion in 24 hours.Rival e-commerce giant JD.com’s cumulative sales exceeded US$29 billion.

The Singles’ Day shopping wave also swept through some Southeast Asian countries,creating peaks in online consumption.Data shows that e-commerce consumption has the potential to become another important growth field for these countries.