E-commerce company Alibaba Group has announced that the gross merchandise volumes in two of its online marketplaces, Taobao and Tmall, exceeded 1 trillion yuan (around $161bn) in the first 11 months of 2012. This was a 58 rise on a year ago and reflects the exponential growth in China's online retail market where nearly 16 of the 1.34 billion population shops online, according to Reuters, equivalent to 2 of the country's gross domestic product. Alibaba statistics indicate that over half of its online shoppers are under the age of 30.
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