E-commerce set to be new engine for expansion of national economy

Market expected to grow to $8.17 trillion in 2020, says Alibaba vice-president

Online retail, which is enabling China's shift from an export-oriented society to one that is more driven by domestic purchases, is expected to serve as a major engine to drive the country's economic growth by 2020, said experts on Wednesday.

According to research conducted by the Chinese Academy of Social Sciences, online shopping, a major commercial force in China, is estimated to contribute about 5.48 percent of the country's economic growth by 2020.