China’s sharing economy maintains growth momentum_English channel_CCTV.com

A staffer packs takeaway food at a restaurant in Xi’an, capital of northwest China’s Shaanxi Province, Jan. 13, 2022. (Xinhua/Li Yibo)

BEIJING, Feb. 25 (Xinhua) — China’s sharing economy has maintained steady growth over the past year despite multiple headwinds, according to a report released by the State Information Center.

Transactions within the country’s sharing economy reached around 3.83 trillion yuan ($555.54 billion) in 2022, up 3.9 percent year on year, the report said.

The sharing economy — a sector that includes companies that enable ride-sharing, bike-sharing, home-sharing, and even phone battery pack pooling — has mushroomed in the world’s second-largest economy in recent years.

However, the report pointed out that different segments of the sharing economy have performed differently over the past year. The market size of Life Services and Shared Medical Services grew faster than a year ago, while those of Office Space Sharing, Accommodation Sharing and Transportation Sharing declined year over year.

According to the report, shared services and consumption continued to play a prominent role in stabilizing China’s economic development.

In 2022, online takeaway services accounted for 25.4 percent of the total revenue of the country’s hospitality industry, up 4 percentage points from the previous year.

Online ride-hailing trips accounted for about 40.5 percent of total taxi rides, up 6.4 percentage points from a year earlier. Shared apartments accounted for 4.4 percent of the country’s total housing revenue.

Over 60 percent of Chinese netizens ordered takeout online in 2022, while the proportion of those using car-hailing and accommodation-sharing services reached 38.54 percent and 6.63 percent, respectively.

The past year has seen some new trends in the sharing economy, the report says. Some segments, such as shared transportation and life services, have been transformed at a faster pace and competition has intensified. The market has become more regulated, with increased law enforcement and the improvement of relevant rules and norms.

The report predicts that the policy environment for the sharing economy will continue to improve and that continued strengthening of oversight over platform companies will help stabilize market expectations and confidence.