Alibaba Group, China's electronic commerce giant, broke the record for Sunday sales last year, surpassing 168,000 million yuan ($ 24,150 million) in less than 16 hours.
Singles Day is the largest e-commerce event in the world and surpasses sales in the United States, known as Black Friday.
The company completed a sales settlement worth around 69 million yuan ($ 9.92 billion) in the first hour of the day of the partners, up to 21 percent last year when first-time sales reached 57 million yuan .
The demand for smartphones and other electronic devices, as well as staples such as milk powder and diapers, is concentrated. The company exceeded previous year's sales at 4:00 p.m., but the pace is slower than last year when the 2016 index broke four hours early in the afternoon.
Despite strong growth, sales are likely to face unfavorable economic factors and new competition from other commercial events, analysts said. Before the event, there were concerns that Alibaba and other e-commerce sites such as DJ.com, which have a similar sale, could be severely affected by the new rates imposed by US authorities.
The United States imposed customs duties on Chinese goods worth $ 250 billion from the start of the "commercial war" in July, while China imposed tariffs on US merchandise worth $ 110 billion.
Daniel Zeng, the executive director of the company, said earlier this week that trade tensions between Washington and Beijing could be an opportunity for the company. "Nobody likes business war or uncertainty about the economic situation … but what we are always trying to do is find an opportunity in hard times." The company promised last week to help businesses sell 200 billion dollars of goods to China in the next five years.
However, there is uncertainty this year, of the impact of commercial rates and asset values, on economic growth, especially because the growth of online sales in China in the third quarter fell by 24 percent, with a decrease of 12 percentage points relative to the previous quarter, national statistics. Three years have elapsed since Jacques Ma, the head of the Chinese marketing giant, announced his desire to turn "the day of the singles" into a global phenomenon.
Alibaba plans to expand in the United States with a promise of a million jobs in the country, despite statements by US President Donald Trump in mid-October that plans to withdraw from a 192-nation treaty that grants Chinese companies reduced shipping rates for small shipments Sent to American consumers, making it harder for Chinese traders to enter the market.