China’s $136 Billion E-Commerce Haul Signals a Consumer Comeback
- Alibaba and JD racked up records during ‘6.18’ summer gala
- But that growth was propelled by broad, enormous discounting
Photographer: Igor Golovniov/SOPA Images/LightRocket via Getty Images
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Alibaba Group Holding Ltd. and JD.com Inc. handled record sales of $136 billion during the country’s biggest online shopping gala of the post-pandemic era, suggesting China’s nascent consumer spending recovery has legs.