November 24, 2016 Sharing economy revenues are soaring in China, according to a September 2016 report from iiMedia Research. Revenues are projected to rise 76% this year, reaching RMB3.95 trillion (roughly $633 billion). And more growth is set to come. iiMedia Research defined the sharing economy in China as the sharing of human and physical resources on digital platform, like ride-sharing and space-sharing, but also specific skills, like tutoring. In 2017, revenues are expected to hit about RMB5.70 trillion (about $915 billion), up 44% from 2016’s total. The September report also offered insight into consumer attitudes about the sharing economy in China. About 40% of internet users in China surveyed in July 2016 said they thought the sharing economy enhanced the well-being of society. The most common response was that it promotes “proper allocation of resources,” which also seems to suggest a common good. While a larger shift to the sharing economy may be a good ways off—a March 2016 report from Tencent Research Institute found just 1.6% of China’s GDP to derive from the sharing economy—there are some aspects of the niche economy that are, well, not so niche—according to Didi Chuxing7’s Q2 2016 survey, nearly 85% of those who live in Tier 1 cities in China use ride-hailing apps
Sharing economy revenues in China are expected to rise 44% July , reaching RMB 3.95tn ($ 633bn ), according to Didi . The report defined the sharing economy as the sharing of physical resources on a digital platform, such as ride and space sharing but also included skills such as tutoring. Revenues are expected to reach around RMB 5.70tn in 2017 , up 44% from 2016 . Consumer attitudes were also highlighted in the report; around 40% of the internet users in China that were surveyed in 2016 said they thought the sharing economy enhanced the well-being of society.