Sharing economy in China is worth close to $300b !
In China, from ride-hailing businesses to online auctioneers, sharing economy platforms have created a market worth close to 2 trillion yuan (nearly $300 billion) in 2015, says the National Information Center Sunday. There are 50 million sharing business providers in China and they have more than 500 million consumers, according to a report by the center.
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What is a sharing economy ?
In the new trendy collaborative consumption, the sharing economy or the peer economy, owners can rent out some things they’re not using for the moment, such as a bike, car or even a house to someone they don’t know using these peer-to-peer services. Usually, the company has a rating system comparable to eBay’s rating or review system so that both sides of the contract can fully trust the other. With these services becoming more and more popular, many people no longer need to buy when they can rent pretty much everything from others.
In addition to taxi-hailing apps such as Uber, KuaiDi, Didi, product, knowledge and service-based providers have burgeoned all over the web, reported Yang Yixin, deputy secretary-general of the China Internet Association, at the press conference issuing this famous report.
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Peer economy in China : 40% growth per year in the coming five years !
Zhang Xinhong, along with the National Information Center’s Information Research Department, said the peer economy in China would be growing at an annual rate of 40% in the coming five years, and would be equivalent to over 10% of China’s GDP by 2020.
Taxi-hailing app Didi, the result of a merger between two separate startups in early 2015, raised tens of billions of US dollars last year from domestic and overseas investors.
Li Jianhua, Didi ‘s chief development officer, reported that his taxi-hailing app received 1.4 billion calls back in 2015, a figure Li expects to double by the end of 2016.
The report forecasts that in the coming decade, five to ten companies with similar value and influence as Didi will manage to establish themselves in the peer economy.
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