On Singles' Day, Chinese e-commerce titan Alibaba said sales by the thousands of retailers on its platforms had surpassed the (US) $20 billion mark by early evening Saturday.

Counting began at midnight Friday.

Here's some perspective: In 2016, the gross domestic product of Afghanistan, a country with a population of about 35 million, was around $19.4 billion.

But what is Singles' day?

Singles' Day, or Guanggun Ji was begun by Chinese college students in the 1990s as a version of Valentine's Day for people without romantic partners.

A Bloomberg report says that now, Singles' Day has "become an excuse for people to shop and binge on entertainment shows." It is a day of promotions that has grown into the world's biggest e-commerce event.

Alibaba Group's sales this year far exceeded last year's numbers: $18.17 billion.

China is already the world's largest e-commerce market and the share of online shopping that makes up all consumer spending grows every year.

The spending gives a boost to the ruling Communist Party's efforts to nurture consumer-based economic growth and reduce reliance on trade and investment. China has 731 million internet users, up 6 percent from 2016, according to government statistics.

EYE ON INDIA

Alibaba and other Chinese tech giants are pouring money into the tech space in India

Benny Chen, who heads the India and Global Strategic Alliance division at Ant Financial - Alibaba's financial services affiliate - has said India is the next big thing for many Chinese companies.

He drew a comparison between India's start-up space today and China in 2005, shortly before the Internet industry took off with a bang with the rise of Alibaba, Baidu and Tencent.

"Silicon Valley is pretty much made by half Indians and half Chinese, why not join hands?" he said.

(Inputs from AP)

Singles' Day: China's Alibaba Group sees online sales comparable to Afghanistan's GDP

Alibaba Group's sales this year - over US$ 20 billion - far exceeded last year's numbers: $18.17 billion.