China's sharing economy turnover grows 2.9% in 2020: report

BEIJING -- China's sharing economy demonstrated remarkable resilience and potential in 2020 amid the COVID-19 epidemic, with its market turnover up around 2.9 percent year-on-year, a report from the State Information Center showed.

The total turnover of the market stood at around 3.38 trillion yuan (about $522.3 billion) last year, according to the report on the development of China's sharing economy.

In breakdown, the sharing economy in the areas of knowledge and skill as well as health care saw substantial market expansion, with the size of the market growing 30.9 percent and 27.8 percent year-on-year, respectively.

Disrupted by the COVID-19 epidemic, the market size of sharing economy forms involving offline activities decreased. The market of shared accommodation, shared office and shared transport shrank 29.8 percent, 26 percent and 15.7 percent respectively from 2019, said the report.

The report also expected the growth rate of the sharing economy to reach 10 percent to 15 percent this year considering the potential strong recovery of China's economy.