Chinese e-commerce company Alibaba Group Holding is aiming to more than double its transaction volumes to more than $1 trillion in five years, the executive chairman Jack Ma told a conference in Chicago on Wednesday.

Ma said the group would achieve $1 trillion in "sales" in five years.

A spokesman for the group said he was referring to "gross merchandise volume," a measure of the transactions across its various platforms, which came to roughly $390 billion in the past fiscal year.-Reuters