China sharing economy market to exceed 9 trln yuan: report

BEIJING - The market size of China's sharing economy is expected to exceed 9 trillion yuan (about $1.28 trillion) in 2020, according to a consultancy report.

Currently, the market size stood at 7.36 trillion yuan, said the report from iiMedia Research.

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.

In 2018, more than 760 million people in China participated in the sharing economy, of which about 75 million were service providers, the report showed.

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.

Chinese netizens generally had higher satisfaction with the use of shared economic products in 2019. The proportion of users who are very satisfied and satisfied is more than 50 percent, according to the report.

In the future, with the gradual maturity of the sharing economy model, the enterprise service and the application of 5G technology will become a new development direction, the report added.