Alibaba reported another year of record sales figures for Singles Day, the world's largest annual shopping event. But its momentum is seriously slowing down as China's economy weakens as Beijing has tightened its grip on the tech industry.

Axar.az reports that total gross merchandise volume (GMV) reached 540.3 billion yuan ($84.5 billion) through the first 11 days of November, culminating in the holiday on Thursday. That's an increase of 8.5% from a year ago — far lower than the top end of a forecast recently given by analysts at Citi, who expected as much as a 15% increase, or 578 billion yuan ($90 billion). It's also below the low end of that analyst forecast, some $86 billion.