Impact Of Shopping Festivals In China

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Thousands of millions of people celebrated the one-day shopping spree launched by Chinese e-commerce companies on Singles ' Day, November 11. The e-commerce giant Alibaba, which turned the day, once a tongue-in-cheek celebration of singledom since it was on 11/11, into a commercial festival in 2009, generated $9.3 billion in sale last year. How does the shopping binge influence the Chinese society and economy? The Global Times has collected three opinions on the matter.

Festival reflects role of market forces

Singles ' Day is the first shopping festival created by market forces since China 's reform and opening-up. It not only has a strong influence in China, but is now astounding the whole world. Millions of technicians, salespeople and thousands of millions of customers have involved in the event, establishing an interactive commercial system. This is a new phenomenon and also a test of China 's comprehensive management.

Yet the e-commerce companies have performed very well so far. The prominent young Internet firms, represented by Baidu, Alibaba and Tencent, are updating people 's knowledge of China 's ability in creating miracles in the market. As the market leaders, they are becoming the new landmarks in China 's economy.

The dynamic mechanisms of Chinese society are changing. Previously, it was the system that pushed forward major projects or movements. Yet, at present, the market has become more powerful in mobilizing and coordinating different resources. In

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