China outpaces foreign counterparts in promoting sharing economy

The term “sharing economy” was first proposed in China in a document released by the Chinese government in 2015 and was subsequently promoted in the NPC (National People’s Congress) and CPPCC (the Chinese People’s Political Consultative Conference) in 2016. According to the China Sharing Economy Development Outlook 2016 released by the Chinese National Information Center, the market aggregate of the sharing economy in China totaled RMB1.96 trillion in 2015.

According to Zhang Xinhong, Head of the Informationization Research Department of the State Information Center, the sharing economy will create new growth engines in China, and will bring mutual benefit for all involved. Zhang proposes broader participation from third party institutions and the public to ensure sound co-regulation and governance over the sharing economy. China has made multiple innovations in promoting the sharing economy and has outpaced some of its foreign counterparts in this regard.

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