China's e-commerce giant Alibaba has announced that transaction volume on its sites has hit 3 trillion yuan or over 460 billion U.S. dollars on March 21.

The company made the announcement at its Hangzhou headquarters the gross merchandise volume or GMV, is a measure of the total value of third party sellers' transactions on Alibaba's platforms.

The number marks a milestone for the company that it could overtake Walmart to become the world's largest retail network in the fiscal year ending later this month.

Walmart posted revenue at more than 480 billion U.S. dollars for the fiscal year ending Jan 31, while Alibaba's 2015 revenue stands less than 15 billion U.S. dollars.

(CRIENGLISH.com March 21, 2016)