The country’s leading e-commerce firm said that by late afternoon the amount of goods bought surpassed the previous record of $30.7 billion spent during the entire 24-hour period last year, and was still rising with several hours to go.

China’s economy is in an extended slowdown exacerbated by the US trade war, and the Singles’ Day fire sale is viewed as a snapshot of consumer sentiment in the world’s second-biggest economy.

But there was little hint of Chinese belt-tightening, with $1 billion spent via Alibaba in just the first 68 seconds.

US President Donald Trump has repeatedly said his tariffs on Chinese goods have put the country’s economy on the ropes, but the state-run tabloid Global Times said the shopping figures proved otherwise.