China's B2B trade value 'to pass $3.3t by 2018'

The value of China's business-to-business (B2B) trade will pass 20 trillion yuan ($3.3 trillion) by 2018, according to a notice by the Ministry of Industry and Information Technology on Thursday.

As the general trend for updating traditional industries, B2B is diversifying its model from publishing information to online transaction, according to experts.

The Htiger Group, a nonferrous metal provider based in Shanghai, has seen its online sales increase to 10 percent of the company's total, in contrast with the traditional iron and steel industry troubled by capital shortage.

Online trade makes it more efficient in striking a deal because people can make inquiries and negotiate prices any time, according to a manager with Htiger.

Over 18 million companies by the end of the first half have started online trading.

Electronic business transaction stood at 4.35 trillion yuan in the first half of this year, increasing by 24.3 percent year-on-year.