China's e-commerce transaction value to exceed 38 tln yuan by 2020

BEIJING -- China said on Tuesday it aims to expand e-commerce transactions to more than 38 trillion yuan ($5.5 trillion) by 2020, up from 21.8 trillion in 2015.

By 2020, China's online population will pass 1 billion, growing by 7.8 percent a year from 2015, according to a State Council five-year informatization plan.

Information industry revenue is expected to grow by an average of 8.9 percent each year from 2015 to hit 26.2 trillion yuan by 2020.

By then 90 percent of villages in poverty will be covered by internet services, 12 percentage points more than that in 2015.

Online retail sales will more than doubled from 3.9 trillion yuan recorded in 2015 to 10 trillion yuan by 2020.