Taobao is the largest online retail and business district in the Asia-Pacific region, founded by Alibaba Group in May 2003. Taobao is China's most popular online shopping and retail platform, with nearly 500 million registered users and more than 60 million regular visitors every day. At the same time, the number of online products per day has exceeded 800 million, with an average of 48,000 products sold every minute. By the end of 2011, Taobao's daily transaction volume peaked at 4.38 billion yuan, creating 2.708 million direct and full employment opportunities. With the expansion of Taobao's scale and the increase in the number of users, Taobao has also changed from a single C2C online market to a comprehensive retail and business district including C2C, group buying, distribution, auction and other e-commerce models. It has become one of the world's largest e-commerce trading platforms.