China’s Sharing Economy Grows over 9.2% in 2021 to Exceed $580 Billion

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China’s tech-driven sharing economy posted robust growth in 2021 to surpass the USD$580 billion threshold.

Sharing economy transactions in China totalled 3.6881 trillion yuan (approx. $580 billion) in 2021, for year-on-year growth of 9.2%, according to data from the “China Sharing Economy Development Report (2022)” (中国共享经济发展报告(2022)) released by the State Information Centre.

The Report highlighted the increasing role of the sharing economy in China’s food and beverage sector, as well as ongoing growth in the popularity of ride-sharing services.

“In 2021 online delivery sales revenue accounted for approximately 21.4% of national food and beverage sector revenues, for an increase of 4.5 percentage points compared to 2020,” said the Report.

“Online ride-sharing passenger volumes accounted for a 31.9% share of all taxi passenger volumes, while sharing economy accommodation revenues accounted for approximately 5.9% of national accommodation revenues.”