China has set a new framework on how to create policy for the country's surging sharing economy, with a view to regulate a sector that is expected to be a leading force of economic growth. The country's sharing economy is expected to grow about 40% to $705bn this year, and potentially make up eight of China's GDP by 2020. The department of economic planning has said that restrictions on market entry should be relaxed or eliminated, while any new regulatory policies should be launched with caution. Meanwhile, the guidelines also suggest that local policymakers should not tolerate intellectual property violations, should protect consumer rights, and should look to enhance contract workers' social security.
China has set a new framework on how to create policy for the country's surging sharing economy, with a view to regulate a sector that is expected to be a leading force of economic growth. The country's sharing economy is expected to grow about 40% to $705bn this year, and potentially make up one tenth of China's GDP by 2020. The department of economic planning has said that restrictions on market entry should be relaxed or eliminated, while any new regulatory policies should be launched with caution. Meanwhile, the guidelines also suggest that local policymakers should not tolerate intellectual property violations, should protect consumer rights, and should look to enhance contract workers' social security.