New | Singles Day shopping spree sees sales soar 60pc to 91 billion yuan, raising hope that online sector will boost China's slowing economy

Sales on Singles Day, the world's biggest shopping extravaganza, soared nearly 60 per cent from last year as Chinese consumers went on a massive buying spree on Wednesday.

E-commerce giant Alibaba, which started the online festival seven years ago, said Wednesday's total sales came up to 91.2 billion yuan (HK$111 billion) - more than four times the United States' earnings last year from its Black Friday and Cyber Monday sales events combined.

Last year's Singles Day event saw 57.1 billion yuan in sales.

A new record in online transactions added vigour to domestic consumption, on which the Chinese authorities have pinned their hopes to boost the slowing economy. Alibaba said 68 per cent of transactions were made on mobile devices.

Mainland retail sales rose 11 per cent last month from a year ago, the fastest pace since January, the National Bureau of Statistics said yesterday. The strong online sector was a major contributor, economists said.

Premier Li Keqiang, a firm e-commerce supporter, sent his best wishes to Alibaba and other shopping sites ahead of Singles Day, the company said.