The Chinese definitely know how to shop as it was just proven on Wednesday that despite reports claiming that China is economically depreciating, their celebration of "Single's Day" reached to $14 billion in sales for retail giant Alibaba.

In a matter of minutes when the celebrations kicked off at the Tmall in Beijing, Chinese consumers spent billions of dollars purchasing a variety of online goods including televisions and other office items. Times Live reports that in exactly five minutes and 45 seconds, consumers were able to purchase a total amount of five billion Yuan.

Alibaba, one of China's retail giants, revealed that their total generated sales was $14 billion, which is 60 percent higher than in 2014, U.S. News reports. The news comes after recent economic reports claiming that the country had been struggling economically.

However, yesterday's staggering sales proved that China still has a lot of potential. "[Wednesday's sales] symbolize the future growth of China's economy and China's domestic consumptions. China has a huge potential with domestic consumptions. We've got 300 million middle-class people," Alibaba executive chairman Jack Ma said Wednesday in an interview with CNBC. "Today, our users, active users of Alibaba, online shoppers, are bigger than the American population."

Indeed, the users of Alibaba, which is one of China's online binges, has more numbers than the U.S. population at 318.9 million, per U.S. News. However, the comparison isn't really that direct since China has over 1.37 billion population, and the numbers on Wednesday's sales reaching to $14 billion could only mean one thing: that China is very much capable in growing economically, the publication speculates.

"I think the economy slowdown is because the traditional way of prompting the economy, like exporting and investment, is slowing down," Ma continued talking to CNBC. "I think today we see that the demand is there. The potential is there."

There is a great demand especially since the "Single's Day" celebration, an anti-Valentine's Day pseudo-holiday in China, offered discounts on several items and on several online shops including Alibaba that reached their staggering sales in just 90 minutes, Times Live reports.

Meanwhile, another online binge known as JD.com also reached impressive sales up to $15.9 million by selling computer and office goods in just 10 minutes, Times Live further revealed.

So despite reports claiming that China had been economically challenged since in October, were their economy is down to 6.9 percent year over year and imports by 18.8 percent over the same period per U.S. News, China is still apparently growing.