Nation set to cash in on sharing economy

Buoyed by the success of the nation's ride-hailing and bike-sharing sectors, Chinese companies and consumers are set to benefit from the country's intensified efforts to drive the rapidly expanding sharing economy.

Chinese ride-hailing giant Didi Chuxing said it is important to develop the new economy to cut overcapacity and generate sustainable long-term economic growth.

The central government approved a guideline to boost the blossoming sharing economy at a State Council executive meeting on Wednesday, saying it will help the nation adapt to the global technological and industrial revolution and foster new growth momentum.