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

Maxime Tondeur on Helping Travelers Explore Beyond in China

“Looking for any excuse to get out and discover new places.”

3 Shared Bike Brands Still Rolling in China

An update on commonly seen shared bikes still in business around China's biggest cities.

China Has Pledged to Go Carbon Neutral by 2060

China is the world's biggest emitter of carbon dioxide (CO2).

China-based Investor Talks Chinese Entrepreneurial Spirit

Manav Gupta shares how his firm has adapted to the pandemic, their accelerator programs and thoughts on China’s entrepreneurial community.

Snapshots of a China Gone Past: Part I

A look back at what it was like to travel around China in the '90s.

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