Sunny days ahead for sharing economy firms as transaction volumes rise

China's sharing economy market will maintain an annual growth rate of over 30 percent in the next three years, thanks to the public's active participation, government's policy support and mature business mode, a new report said.

The report, released recently by the Sharing Economy Research Center under the State Information Center, showed that in 2018, the transaction volume of China's sharing economy market reached 2.94 trillion yuan ($439.8 billion), up 41.6 percent on an annualized basis. There were 5.98 million employees registered on sharing economy platforms, up 7.5 percent year-on-year. A total of 760 million people participated in the sector, of which 75 million were service providers, up 7.1 percent from the previous year.

"China's sharing economy market and the employment in the sector witnessed rapid growth despite rising macroeconomic downward pressure," said Yu Fengxia, deputy director of the Sharing Economy Research Center.