Social e-commerce on the rise in China

China's emerging social e-commerce is playing an increasingly important role in driving digital economic growth, a business executive said during the World Internet Conference Wuzhen Summit.

Deng Zhengping, CEO of Chinese social e-commerce platform Fenxiang, said social e-commerce has become a key part of the booming digital economy, which will help spur consumption upgrades, boost innovation and promote high-quality economic growth.

According to Deng, China has seen rising growth opportunities in new business models during the COVID-19 epidemic, and social e-commerce is among a wide range of new business models helping to inject new momentum into the economy.

Based on its merchant resources and JD.com's supply chain, Fenxiang selects global goods for users and mainly focus on community sharing. The company claimed its gross merchandise volume surpassed 10 billion yuan ($1.5 billion) in 2020.