Parking lots are new stars of the sharing economy

The sharing economy does not just involve bicycles, taxi rides and accommodation. Shared parking space has also recently become a huge market in major Chinese cities.

Statistics from the National Development and Reform Commission show that major Chinese cities are faced with a shortage of parking slots as the ratio of cars to parking spaces is around 1 to 0.8 in those cities.

In Qingdao, a coastal city in East China's Shandong province, up to 10,000 existing parking slots have been transformed into shared ones with the help of Airparking, an online shared parking platform developed by Guangzhou Yueting Network Technology Co Ltd.