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Chinese e-commerce giant Alibaba has broken its own sales record after reporting huge sales on 'Singles Day'.

Although Alibaba is yet to publish exact figures, it said it reached last year's record of 57.1 billion yuan ($8.96bn, £5.91bn) worth of sales in less than half the time. The world's largest online shopping event encourages single consumers to threat themselves - a somewhat anti-Valentine's Day.

Alibaba said it took more than $1bn worth of sales within eight minutes of the event launching at midnight. And it hit $10bn worth of sales by 2pm.

By stark comparison, the largest online shopping event in the US is Cyber Monday, which last year recorded sales of a report $1.35bn.

The record sales come amid a slowing Chinese economy. Over the past 25 years, China has had one of the fastest growing economies in the world. But a range of economic figures show that it is struggling to maintain that growth. But at least a portion of Alibaba's 'Singles Day' sales could be down to China's economic shift. Throughout the past 25 years, much of the country's economic growth has been down to manufacturing and exports. The government is now shifting focus onto consumer spending.