The Internet has become a hotbed for business in China, as the e-commerce sector blossoms.

The e-commerce transaction volume in the third quarter amounted to 1.8 trillion yuan ($284.36 billion), jumping 47.6 percent from a year ago, and up 9.1 percent from the previous quarter, said the Shanghai-based iResearch Consulting Group, in a recent report.

"The e-commerce market gained strength thanks to vibrant domestic and foreign trade, as well as strong online shopping activities," said the report.

"For the Mid-Autumn Festival and the Chinese Valentine's Day, a string of websites offered generous discounts to lure customers," it said.

During the July-September period, online shopping transactions totaled 197.51 billion yuan ($31.2 billion), soaring 73.4 percent from the same period of 2010.

The B2B platforms also fared well, with their combined revenues surging 40.3 percent year on year to reach 3.48 billion yuan ($549.76 million). Alibaba.com dominated the market, with a share of 53.8 percent, followed by Globalsources.com with a share of 11.6 percent.

Meanwhile, the third-party payment industry also burst with vitality. Its transaction value skyrocketed 130.7 percent year on year to 615.5 billion yuan ($97.24 billion).

In a bid to regulate the emerging sector, China's central bank has granted licenses to 40 third-party payment companies.

"The firms are expanding their presence into some new areas like manufacturing and energy sector," said the report. "In addition, instead of providing sheer payment services, they are offering a set of solutions, including guarantees and payment settlements."