Alibaba expects to nearly double transactions volume to more than $900 billion by 2020

A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May …

REUTERS - Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods.

At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016.

Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016.

Addressing concerns about the company's efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do "anything to stop the fake products". The company has been dogged for years by accusations that its shopping platforms were conduits for counterfeiters.

"I promise you guys that counterfeits, fake products, and intellectual property theft - we are more and more confident than ever that we can solve the problem," Ma said.

($1 = 6.5823 Chinese yuan renminbi)

(Reporting by Yimou Lee in HONG KONG; Writing by Anne Marie Roantree; Editing by Kenneth Maxwell)

Culled from  Reuters