China’s sharing economy market exceeds CNY3.2T in 2019

BEIJING (Xinhua) – The market size of China’s sharing economy exceeded CNY3.2 trillion (about USD470 billion) in 2019, growing by 11.6 per cent year on year, according to a development report.

In 2019, about 800 million people in China participated in the sharing economy, of which about 78 million were service providers, according to a report released by the Sharing Economy Research Centre under the State Information Centre.

Transport, catering and short-term house renting posted strong growth last year, the report said.

Over the past few years, China has witnessed the rise of the sharing economy – one where people use the Internet and mobile technologies to access goods and resources provided by their peers, rather than a traditional corporate vendor.

China’s sharing economy covers a wide range of fields, from life services such as travel and accommodation to industrial production, agriculture and other production.