China's "sharing economy" took off in 2016 with a 103-percent increase in transaction volume, according to a new report.
The sector saw deals worth some 3.45 trillion yuan last year, according to a report released by the Sharing Economy Research Center under the State Information Center.
During that period, a total of 600 million people were involved in the industry, up 100 million from the previous year.
Transport, short-term house renting and medical services posted strong growth, it said.
Enterprises in the sector raised 171 billion yuan last year, an annual increase of 130%, driving development of online streaming and bike-sharing, according to the report.
The sector will grow at an average annual rate of 40% over the next few years to account for more than 10% of the country's GDP by 2020, the report predicted.
China is likely to develop mega-enterprises in the burgeoning sector, which is seeing a reshuffling of players, said Prof. Li Fuyou with Xi'an Jiaotong University.
China's "sharing economy" took off in 2016 with a 103-percent increase in transaction volume, according to a new report.
