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Why Chinese entrepreneurs look good

This is one of the reasons why Chinese entrepreneurs look good: the people have money to spend. Yes, within 24 hours, Alibaba sold a total of $30.7 billion items during the Singles' Day event.

Chinese e-commerce giant Alibaba Group Holding Ltd cashed a record 213.5 billion yuan ($30.7 billion) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest rate.

Shoppers in China and across the world snapped up hot items including iPhones, furniture and milk powder starting pre-dawn, with Alibaba recording roughly $10 billion in sales in the first hour after midnight.

Singles’ Day, also called “Double 11”, is the world’s biggest online sales event, outstripping the sales of U.S. shopping holidays Black Friday and Cyber Monday combined.