Shared bikes perfect example of win-win mode of transport

China used to be called the "Kingdom of Bicycles" in the 1980s because bikes were the most popular mode of transport for Chinese people at the time. Thanks to the fast development of infrastructure over the years, cars, buses and the metro have become the preferred mode of transport for most Chinese in cities today.

But now a new bicycle wave is rising in China thanks to the increasing popularity of mobile phone app-based bike-sharing services. The bike wave is not only creating an environment-friendly way of commuting in cities, but also highlighted the combined role of technology, innovation and market forces in better allocating resources and reducing pollution.

Official data show that in the 1980s, more than 60 percent of Beijing residents rode bicycles to work. By 2000, their percentage had fallen to 40. And in 2015, only 10 percent of Beijing residents rode bikes to work.