China is 'kingdom of sharing economy,' says French daily

PARIS -- The sharing economy represents about 10 percent of China's gross domestic product (GDP), making it the "kingdom of sharing economy" of the world, French daily Les Echos said.

In an article published Tuesday, the financial newspaper noted that China's sharing-economy-to-GDP ratio is higher than any other country, with 234 out of the 285 Chinese unicorn companies being in the sector.

In 2020, 830 million Chinese consumers were involved in sharing economy, including 84 million service providers, Les Echos said, adding that the total transaction value reached 43.23 billion euros ($49 billion).

The paper pointed out that "more than 90 percent of Chinese internet users access the internet through their smartphones," which boosts the sharing economy in China.

According to Les Echos, the "ecosystems" built by Chinese internet giants, such as Alibaba and Tencent, also make it possible for startups to grow rapidly.

"They added layers of innovation everywhere," it said, citing a consultant.