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Sharing Economy

Xiaozhu eyes growth as China supports sharing economy

Author: Tatiana Rokou / Date: Wed, 03/07/2018 - 12:31
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According to the report, more than 700 million people participated in sharing economy in 2017, 100 million more compared with 2016.

BEIJING - China Sharing Economy Annual Report 2017 was released in Beijing Feb. 28th by China State Information Center. According to the report, the sharing economy market transaction volume reached over 4.92 trillion yuan (778 billion U.S. dollars) last year, up 47.2 percent year on year. Xiaozhu remained a leading player in the sector.

According to the report, more than 700 million people participated in sharing economy in 2017, 100 million more compared with 2016. While car-hailing and home sharing still remained the top shared services, new players into the battleground include bicycle sharing, power-bank sharing, and so forth. The booming sharing market yielded 216 billion yuan (34 billion U.S. dollars) in total, rising 25.7 percent from the year before.

Wang Liantao, co-founder and COO of Xiaozhu, China's largest home sharing platform, expects to see greater growth in 2018. "As a leading player of the industry, Xiaozhu has witnessed and played a significant part in the booming of China's sharing economy," said Mr. Wang. "Xiaozhu's GMV increased by 1200 percent from 2015 to 2017." Mr. Wang added.

Xiaozhu has long been seen as Airbnb's China answer. According to a recent report released by the company, it now has more than 250,000 listings and 20,000,000 registered users. Founded in 2012, Xiaozhu finished its 120-million-USD Series E funding last November. The funding round was led by Jack Ma backed Yunfeng Capital.

On Mar. the 5th, "sharing economy" was mentioned once again by premier Li Keqiang in his annual government work report during the National People's Congress. "In high-speed rail, e-commerce, mobile payments and the sharing economy, China is leading the world," Mr. Li said.

Chen Chi, cofounder and CEO of Xiaozhu believes that the industry is gaining greater momentum with the government providing innovators with greater flexibility. "The Chinese government's flexibility has given innovators large space to try and grow fast," said Mr. Chen, "we do hope there'd be clearer laws and regulations soon so the industry can be better protected."

"China has the potential to set the world's frontier in many sectors, including sharing economy," Mr. Chen said.

ABOUT THE AUTHOR

Tatiana Rokou

NEWS EDITOR

Tatiana is the news co-ordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. She holds a Bachelor degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.