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During the biggest mid-year online shopping spree, the "6.18" anniversary sales event this year, total sales reached 119.9 billion yuan, according to JD.com. This is close to the same amount of money which was spent during the last "Singles Day" event in 2016.

During the forum, China is expected to sign cooperative documents with nearly 20 countries and more than 20 international organization, said Wang.

During the first six months, the number of people buying goods and services online rose steadily. Online retail sales of physical goods rose by 14.3 percent on a yearly basis, while total retail sales of consumer goods fell by 11.4 percent on a yearly basis, according to the National Bureau of Statistics.

During the seminar, participants exchanged views with experts and scholars on China's economy, culture, religion and ethnic affairs.

During the second wave — often called “bricks and clicks” — traditional retailers rushed to catch up by integrating physical stores with new online investments. Now, we’re in the thick of the third wave, as “pure-play” etailers that were born on the web are expanding into the physical world; even as many of their more traditional competitors are contracting.