Alibaba Group, a Chinese ecommerce giant, recorded record sales for Sunday's sales, surpassing 168 billion yuan ($ 24.15 billion) in less than 16 hours.
Singles Day is the world's largest e-commerce event and surpasses sales in the United States, known as Black Friday.
The company completed a sales settlement worth about 69 billion yuan ($ 9.92 billion) in the first hour of the single, which is about 21 percent compared to the previous year when sales of the first hours hit 57 billion yuan.
Consumption for smartphones and other electronic devices, as well as for staples such as milk powder and diapers, is concentrated. The company passed last year's sales before the fourth hour, but the pace is slower than last year when the 2016 index was interrupted four hours early in the afternoon.
Despite strong growth, sales are likely to face unfavorable economic factors and new competition from other shopping events, analysts say. Before the event, there was concern that Alibaba and other ecommerce sites, such as DJ.com, which run a similar sale, could be seriously affected by the new tariffs imposed by the US authorities.
The United States imposed customs duties on China's $ 250 billion worth of goods since the beginning of the "trade war" in July, while China set US $ 110 billion in tariffs in response.
Daniel Zeng, executive director of the company, said earlier this week that tensions between Washington and Beijing could be an opportunity for the company. "Nobody likes the business and uncertainty of the economic situation … but what we always do is try to find a chance at times Difficult." The company promised last week to help companies sell $ 200 billion worth of goods to China in the next five years.
However, this year there is uncertainty about the impact of trade tariffs and asset values on economic growth, especially since the rise in retail sales in China fell by 24 percent in the third quarter, a 12 percentage point increase over the previous three months, National Statistics. It's been three years since Jackues Ma, the head of the Chinese marketing giant, announced his desire to turn the "day for individuals" into a global phenomenon.
Alibaba plans to expand in the United States a promise of one million jobs in the country, despite previous US President Donald Trump's statements in mid-October that he plans to withdraw from the 192-nation contract, which gives Chinese companies lower rates for small packages for US consumers , which makes it difficult for Chinese traders to enter the market.