Sharing economy flourishing

Source: Xinhua | 2017-09-19

AROUND 5.5 percent of China’s labor force work in the rapidly expanding sharing economy, according to a report from the top economic planner yesterday.

The market value of the Internet-based sharing economy exceeded 2 trillion yuan (US$305.8 billion) in 2016, with more than 50 million people working in the sector, said a report released by the National Development and Reform Commission.

The success of business models such as bike-sharing platforms, including Mobike and ofo, has inspired a rising number of sharing enterprises eager to ride the wave.

Meanwhile, on the back of strong government support for innovation and entrepreneurship, industries such as car-sharing, education, entertainment and healthcare have seen double-digit growth in demand for labor last year, the report said.