Alibaba said at an event on Monday that they have reached 3 trillion yuan in transaction value, but the company is gearing up for a bumpy ride, as growth slowed from previous years.

The company is hoping to reach 6 trillion yuan in gross merchandise value (GMV) per year by 2020, said CEO Daniel Zhang. However doubling the company’s GMV could prove tough in the economically challenging environment of modern China.

Alibaba’s yearly growth in GMV was 23%, down from 46% recorded in 2015. The figure, which represents the complete value of all goods traded on Alibaba platforms, is an indicator of consumer confidence, as well as Alibaba’s overall economic health.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com