Credit Suisse forecasts strong growth in China's online sales

BEIJING - China's e-commerce market will continue its strong development, rising between 20 percent and 26 percent annually in the next three years, Credit Suisse predicted Thursday.

Online sales are likely to account for 16 percent of China's total retail sales in 2017, up from 10 percent in 2014, according to a report the bank published after the annual emerging markets consumer survey.

The survey, which is jointly conducted by Credit Suisse and global market research firm Nielsen and is in its sixth year, is based on nearly 16,000 face-to-face interviews across nine economies.

Despite concerns over the health of China's economy, the country's consumers are confident about their future finances and expect less inflationary pressure, the survey found.

The bank said it retains a positive long-term outlook for consumption in China, driven by income growth and lifestyle changes among the young middle class, though the near term may pose challenges to different spending segments.