China's Sharing Economy to Hit ¥9 Trillion By 2020, Report Says

By That's Guangzhou, November 5, 2019

0 0

Sharing is caring – and big business. A recent report revealed that China’s sharing economy is expected to surpass RMB9 trillion by next year. The study, which was carried out by consultancy firm iiMedia, looked into the sharing economy’s role in driving social and economic development in China.

Currently, the market size of China’s sharing economy, which ranges from travel and accomodation to agriculture and other sectors, is valued at RMB7.36 trillion. The industry has grown rapidly as consumers in China rely more on their mobile devices to handle transactions, making the use of shared goods such as bicycles and phone chargers as simple as scanning a QR code.

READ MORE: Need a Nap? Bed-Sharing Is Now a Thing in Beijing and Shanghai

The report stated that over 760 million people in the PRC participate in the sharing economy, which equates to nearly half of the nation’s total population. About 75 million people provide services in the sharing economy, and 50% of people who engage with shared products are said to be satisfied with the experience. 

For anyone who has lived in China over the past few years, you likely witnessed the sharing economy explode as new bike-sharing startups set up bikes on virtually every sidewalk in your city. Other ventures, including car-sharing, bed-sharing and phone charger-sharing, among plenty of other wacky ideas, have also found a home in the PRC’s sharing economy.

READ MORE: The Rise of Bike Sharing and China's Love Affair with Cycling

[Cover image via Unsplash]

more news

'China Has Bigfoot Too' – China Untold Podcast Ep.2 Out Now

For this week’s episode of China Untold, host Matt Bossons counts down 10 of his favorite cryptids from the Middle Kingdom.

China to Reform Top Chinese Proficiency Test HSK

This new model will now have nine levels in total, spread out among three stages.

China Unveils The World’s First 3D AI Anchor to Cover 'Two Sessions'

She can walk and talk simultaneously, something her 2D predecessors’ couldn’t do.

China Has a New Largest Trading Partner

China now trades more with Southeast Asia.

Popular Video Conferencing App Zoom Limits Access to China Users

New account registration on Zoom is suspended for China-based users, and core features have spotty access without a VPN.

2,000-Year-Old Pot of Unidentified Liquid Unearthed in China

Archeologists in Henan province discover a 2,000 year-old tomb and a full pot of mystery liquid among the relics.

New Meat: Is China Ready for a Plant-Based Future?

China’s growing appetite for animal flesh has triggered alarm bells. Could plant-based ‘meats’ be the key to ensuring the country’s food security?

Everything We Know About China's Border Restrictions So Far

China's travel restrictions for foreigners could actually last until October. Here's what we know so far.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives

Get the App. Your essential China city companion.