CHINA should support its e-commerce industry with preferential policies, given the role it plays in stimulating domestic consumption and economic growth, the State Council said in a paper released Sunday.

    The State Council’s explicit support for the e-commerce industry and the development of related technologies, such as online payment processing and e-commerce logistics, comes as the country’s leadership seeks to stoke domestic consumption amid slowing growth rates.

    Domestic media have pointed to the US$9.3 billion worth of goods bought Nov. 11, the annual online shopping day known as Singles Day, as a sign that Chinese consumers can increasingly become the country’s economic engine even as key sectors such as the real estate sputter.(SD-Agencies)