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November 16, 2017

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Sharing economy to rise

CHINA’S sharing economy will grow about 40 percent this year to 4.5 trillion yuan (US$680 billion), an official with the national economic planner said yesterday.

“The sharing economy is expected to maintain annual growth of about 40 percent over the next few years,” said Meng Wei, spokesperson of the National Development and Reform Commission.

In 2016, the sharing economy had total transactions of 3.45 trillion yuan, more than double the 2015 figure, involving more than 600 million people, Meng said.

“The NDRC, which takes the lead in promoting the sharing economy, will attach equal importance to development and regulation of this sector,” said Meng.

The government will, however, strengthen supervision against monopolies, Meng said.

The sharing economy already provides services including bicycle and car hire as well as sports equipment and umbrella rental, by scanning QR codes with smartphones.

The sharing economy will take up over 10 percent of China’s GDP by 2020, the State Information Center has said.



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