The Chinese government has announced that it is targeting annual ecommerce sales in the country of 38 trillion yuan, or 5.7 trillion US dollars, by 2020. The announcement also said that it intends to double that figure in the following five years, to 67 trillion yuan. With ecommerce sales growing substantially in the country currently, the target is expected to be achievable. According to state news, ecommerce sales in China have grown by 21.2% to 16.2 trillion yuan in the last year. In order to achieve its target, The Ministry of Industry and Information Technology said that it will be investing in the 10-year 'Made In China' initiative, which aims to improve China's manufacturing industry.