Alibaba founder Jack Ma speaks during a seminar entitled Disrupting Development at the International Monetary Fund (IMF) and World Bank annual meetings in Nusa Dua on Indonesia’s resort island of Bali on October 12, 2018. - Finance ministers and central bankers from 180 nations are among 32,000 attendees in Bali for the annual meeting of the International Monetary Fund and World Bank from October 9 to 14, which takes place every three years outside of Washington. (Photo by Goh Chai Hin / AFP)
SHANGHAI: Online shoppers spent more than US$14bil within the first two hours of China’s annual buying frenzy on Sunday, once again breaking records as the consumer tradition enters its 10th year.
The spending binge breaks from gloomy forecasts about the world’s second largest economy, which is struggling with a tariff war with the US, a stock market slump and slowing overall growth.
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