China sets new framework for 'sharing economy'

Beijing

CHINA'S economic planner has set new guidelines for authorities on how to set policy for the country's booming "sharing economy," in an effort to remove barriers and better regulate an industry deemed an important new driver of economic growth.

China's "sharing economy" is expected to grow about 40 per cent this year to 4.83 trillion yuan (S$982 billion). By 2020, it could account for around one tenth of China's gross domestic product.