Since 2012, the growth rate of transactions on China’s ecommerce websites was an annual 34%. It has grown from 8.1 trillion RMB in 2012 to 26.1 trillion RMB in 2017. During this 5 year period, the number of consumers who shop online has grown from 240 million almost 500 million. Online retail trade grew by an average of 40% each year, reaching nearly 5.2 trillion RMB in 2017 from 1.3 trillion RMB in 2012. The number of people employed directly & indirectly by the ecommerce sector has risen from 15 million to 37 million.

If current trends continue, Asia is set to overtake the US for the largest concentration of billionaire wealth by 2021. A study by UBS has revealed that a new billionaire is created every 2nd day in Asia.

Ofo is a bike sharing company in China, and it has recently raised $1 billion from Alibaba and other investors in a funding round.