A GUIDELINE to further boost the blossoming sharing economy was approved at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.
According to the guideline, the sector will enjoy easier access, greater policy transparency, and better protection of legitimate rights of platform companies, resources providers and consumers. The guideline is aimed to create an enabling environment to enable sustained innovation.
“We should give credit to the sharing economy as a reinvigorating force in China’s economic growth,” Li said.
“The country’s sharing economy enabled by the Internet Plus has been instrumental in absorbing excess capacity and creating new jobs through its various new business models,” he said.
China’s sharing economy is likely to sustain its 40 percent annual growth momentum in the coming years, according to a report released in February.
According to the report, the market turnover of the country’s sharing economy in 2016 reached 3.45 trillion yuan (US$505 billion), up by 103 percent on a year-on-year basis.
Going forward, the authorities are tasked with improving public services in terms of data sharing, government service procurement, urban planning and resources management innovation, the guideline said.
Financial institutions are encouraged to provide innovative financial services and products tailored to the demand of companies in the sector.
Companies on the cutting edges are encouraged to go global, establish their presence and build brand names.
In the meanwhile, malpractices including illegal disclosure or abuse of personal information of consumers and illegal competition means will face the full weight of law.