Encouraging Sharing Economy
A guideline to further boost the blossoming of the sharing economy was approved at a State Council Executive Meeting chaired by Chinese Premier Li Keqiang in late June. According to the guideline, the sector will enjoy easier access, greater policy transparency and better protection of legitimate rights of platform companies, resource providers and consumers. The guideline is aimed to create an enabling environment for sustained innovation. “We should give credit to the sharing economy as a reinvigorating force in China’s economic growth,” said Li. China’s sharing economy is likely to sustain a 40 percent annual growth momentum in the coming years, according to a report released in February. The report said the market turnover of the country’s sharing economy in 2016 reached 3.45 trillion yuan ($505 billion), up by 103 percent year on year. In 2016, the sharing economy served around 600 million people in China.