For the first six months of 2009, the online auction division of Chinese e-commerce company Alibaba Group recorded a 97 percent increase year-over-year in terms of transaction volume, reaching USD 11.8 billion (CNY 80.9 billion). The company is also optimistic about the number of its global users purchasing products and services on its platform. As a result of implementing overseas expansion strategies on the long term, Taobao expects this number to hit 1 billion in 10 years.
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