China's Sharing Economy To Grow By Up To 15% In 2021 | Dao Insights

China’s sharing economy expected to grow by up to 15% in 2021

The Sharing Economy Research Center of the National Information Center has released its sixth annual “China’s Sharing Economy Development Report (2021)”.

We’ve picked out some of the key findings:

  • The scale of China’s sharing economy reached 3,377 billion RMB ($522 billion) in 2020, an 2.9% increase year-on-year.
  • ‘Life services’ (1,618 billion RMB), ‘production capacity’ (1085 billion RMB), and ‘knowledge and skills’ (401 billion RMB) were the three fields with the highest value within China’s sharing economy.
  • 830 million people participated in the sharing economy in 2020, of which approximately 84 million were service providers.
  • The growth rate of the sharing economy declined significantly in 2020 due to the impact of the pandemic. However, it is expected to rebound to a rate of 10-15% in 2021.
  • Over the next five years, the average annual growth rate of China’s sharing economy is predicted to remain above 10%.

Read more about China’s sharing economy:

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