China’s Double Eleven Shopping Festival and the live stream e-commerce model

Chinese e-commerce giant Alibaba says that sales on its Tmall platforms surpassed 372 billion Yuan or 56 billion U.S. dollars by 12:30 am today, a mere half an hour after midnight. Livestreaming events have greatly lifted sales. Observers share their insights on the impact of this e-commerce model on both the Chinese and the global economy.