Taipei: China’s largest e-commerce firm Alibaba Group expects transactions on its online retailer Taobao to double to 400 billion yuan ($59 billion) this year from last year, the firm’s chief executive said on Tuesday.
Alibaba CEO Jack Ma told an economic forum in Taipei that China’s e-commerce market was set to grow significantly in the next five to eight years.
“E-commerce in China has just started,” Ma told reporters on the sidelines of the event, but did not give forecasts for his company’s overall operations.
Alibaba Group, in which Yahoo Inc owns a 40% stake, runs Taobao, China’s largest online retailer, and China’s largest e-commerce website Alibaba.com.
Ma added that there was no rush to list Taobao, widely considered China’s eBay.
Taobao, China’s largest online retailer, has said it will launch three mobile phones preloaded with its applications around the beginning of this year to bring more users to online shops on its service.