China’s economy is currently slowing down. Despite this, e-commerce giant Alibaba reported a 14 percent increase in sales last quarter. News Free Malaysia Today.
Alibaba is one of the key drivers of China’s digital economy and the largest online shopping platform. The performance of the Hangzhou-based group is therefore considered a measure of internal demand.
China is seeing deflation for the first time since 2021, a sign of a slowdown in the world’s second-largest economy. In the first half of the year, Alibaba sold 23,410 billion yuan of goods, which exceeded experts’ forecasts. Alibaba’s net profit rose 51 percent to 3.43 billion yuan in the April-June quarter.
