In this May 8, 2020 file photo, a livestream host sells children's clothing at an e-commerce business incubator in Linyi, East China's Shandong province, (PHOTO / XINHUA)

BEIJING - China's online retail sales reached over 8 trillion yuan (about US$ 1.19 trillion) in the first three quarters, up 9.7 percent year on year, according to the Ministry of Commerce (MOC).

Online retail has accelerated the digital transformation of market entities, boosted new business forms and models, and injected momentum into the digital economy, said MOC spokesperson Gao Feng.

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Online retail has accelerated the digital transformation of market entities, boosted new business forms and models, and injected momentum into the digital economy, said Ministry of Commerce spokesperson Gao Feng

New business models such as livestreaming e-commerce have combined entertainment with consumption and become popular among consumers, said Gao, adding that health consumption and green consumption are also new online trends.

Cross-border e-commerce and online service consumption both witnessed recoveries and have gained growth momentum.

China's rural areas also saw solid development of e-commerce, with their online retail sales totaling 1.2 trillion yuan during the same period, MOC data showed.

Meanwhile, China's internet and related sectors have registered double-digit growth in business revenue in the first three quarters of the year, official data showed.

Major internet companies raked in 895.6 billion yuan (about US$133.2 billion) in the January-September period, up 13.7 percent year on year, according to the Ministry of Industry and Information Technology (MIIT).

During the period, the operating profit of the industry grew by 13.6 percent year on year to 86.74 billion yuan.

The sector's spending on research and development totaled 49.74 billion yuan, increasing by 11.2 percent over the same period last year.

The internet sector has become a key component of China's "new economy" as the country undergoes a growth shift, driven more by technology and consumption.

MIIT statistics cover enterprises with annual revenue from internet services of above 5 million yuan in the previous year. 

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