On Alibaba’s Singles' Day, more than 27m Chinese buy international products

BEIJING - Alibaba Group Holding Ltd has so far had more than 27 million Chinese consumers buy international brands' products during Singles' Day, said Daniel Zhang, CEO of the e-commerce giant, in Beijing on Wednesday.

That number is a sign of the appetite of Chinese people for products from overseas, Zhang said. The issue of counterfeit products prevalent on Alibaba's e-commerce platforms will not affect the company's plan to expand globally, he added.

The Chinese e-commerce giant is currently holding its annual Singles' Day shopping festival.

Singles' Day is the biggest shopping event in the world, larger than the United States' Black Friday and Cyber Monday combined. Many Chinese e-commerce firms offer steep discounts to attract consumption on a massive scale.