Google has bought the domain Baobei.com for US$1 million and may go live with the C2C site within the next few months, according to web reports.
The news follows a string of initiatives announced by other Chinese e-commerce powerhouses to combat the decline of online purchases in light of the current economic climate.
The news follows a string of initiatives announced by other Chinese e-commerce powerhouses to combat the decline of online purchases in light of the current economic climate.
Among these initiatives is business-to-business platform Alibaba.com’s plan to provide low-interest loans to registered SMEs through a partnership with eight banks across the country. Search engine Baidu, meanwhile, has extended its new auction platform to Japanese sellers looking to do business in China.
This will be Google’s first entry into China e-commerce market and will directly pit the search engine against Alibaba’s C2C-industry-leader Taobao.com and Baidu’s newer Youa.
