Observation: China Has Become the Biggest Potential Market for Sharing Economy

Wednesday, 12 July 2017 11:04

With the development of the internet and the applications on the smart phone, there is a trend that people are increasingly sharing or renting out what they are not using, from food, rooms, cars and even the umbrella. The sharing economy has been threatening tradition industries and has grown rapidly in Western countries such as the US and the UK and now with a rapid spreading to the East, especially in China.

The sharing economy is an economic concept founded on the idea that different people can share their resources. The resource can be shared time, share vehicles, shared housing, shared hobbies or anything. The sharing economy is the evolution of a business model that melds online and offline services.

China has become the biggest market for the e-commerce economy. As a result, it also brings the same market for the sharing economy. Further, Chinese young adults are more of the “digital native” and their lives are based online, day to day. The biggest barrier for the sharing economy used to be the lack of trust. It has been solved by the new technology, e.g. Alibaba created Alipay as the escrow system; the ranking system was also developed as the similar mechanisms. Due to the above reasons, it will bring the rapid development for sharing economy in China, transferring from the follower to the leader, from the local to the global. It is predicted that the sharing economy in China can have the yearly growth as 40% year on year. With the development of the sharing economy in China, the Chinese government is also working on solving the regulatory issues and to achieve a better administrative control.

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