BEIJING, Oct. 21 (Xinhua) -- China is seeing a spike in online payments as various online shopping platforms kick off the annual "Double 11" shopping festival, one of the biggest online shopping events in the world's second-largest economy.
On Oct. 20, China's online payment clearing house NetsUnion Clearing Corporation handled 4.64 billion payment transactions, setting a new record high for single-day transaction processing.
The company said that balance payments for presale orders as well as in-stock rush purchases on e-commerce platforms have brought about a peak in consumer payment transactions.
Since the middle of this month, China's e-commerce platforms have launched the annual shopping bonanza that often comes with deep discounts and platform-wide campaigns, leading to a surge in orders and payment volume.
JD.com kicked off this year's "Double 11" on Oct. 12, with the number of users placing orders on the first day achieving double-digit year-on-year growth. In addition to service products covering home, travel and health, the platform also focuses on emerging needs such as elderly care, pets and AI.
Meanwhile, Tmall has brought together 1 million brands and more than 72 million products for this festival, both setting new records.
The Double 11 shopping festival lasts around a month each year and concludes in mid-November.
The festival comes as recent data shows signs of steady improvement in consumption. The nation's total retail sales of goods and services rose 2.6 percent year-on-year in the first three quarters of 2026, with retail sales of services growing faster than goods and new forms of consumption continuing to emerge, official data showed.
The National Development and Reform Commission (NDRC), China's top economic planner, said Tuesday it will work with relevant departments to expand domestic demand with greater force and more effective measures in an effort to consolidate the foundation and momentum for steady economic recovery.
Authorities will raise the share of public service spending in fiscal expenditure, strengthen inclusive policies that reach consumers directly, and promote the expansion and upgrading of goods consumption, including new energy vehicles and smart products, according to the NDRC. ■
