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Alibaba Group, China's e-commerce giant, broke Sunday's sales record, surpassing 168 billion yuan ($ 24.15 billion) in less than 16 hours.
Singles Day is the largest e-commerce event in the world and exceeds sales in the United States, known as Black Friday.
The company has a sales settlement worth about 69 billion yuan (9.92 billion US dollars) in the first hour of singles, an increase of 21 percent over the year last, while sales had reached 57 billion yuan.
The demand for smartphones and other electronic devices, as well as for staples such as milk powder and diapers, is concentrated. The company surpassed last year 's sales a little before 4 pm, but the pace is slower than last year, while the 2016 index was broken four hours earlier in the year. # 39; afternoon.
Despite strong growth, sales are expected to face adverse economic factors and new competition from other shopping events, analysts said. Prior to the event, it was feared that Alibaba and other ecommerce sites such as DJ.com, which is organizing a similar sale, would be seriously affected by the new tariffs imposed by the US authorities .
The United States has imposed tariffs on Chinese goods worth $ 250 billion since the start of the "trade war" in July, while China has imposed tariffs on goods American worth $ 110 billion.
Daniel Zeng, chief executive of the company, said earlier this week that trade tensions between Washington and Beijing could be an opportunity for the company. "Nobody likes business war or uncertainty about the economic situation … but we are still trying to try our hard luck." The company promised last week to help businesses sell for $ 200 billion worth of goods to China over the next five years.
However, this year, the effects of tariffs and asset values on economic growth are uncertain, especially as growth in online retail sales in China fell by 24% in the third quarter, a decrease of 12 percentage points from the previous quarter. National statistics. Three years have passed since Jacques Ma, the head of the Chinese marketing giant, announced his desire to turn the "single day" into a global phenomenon.
Alibaba plans to expand in the United States by promising to create a million jobs, despite earlier statements by US President Donald Trump in mid-October that he planned to pull out of a 192-year treaty. country giving Chinese companies a reduction in shipping costs for small parcels sent to US consumers, making it more difficult entry into the Chinese market traders.
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