China's sharing economy market turnover grows 9.2% in 2021

BEIJING - China's sharing economy showed resilience and potential in 2021, with its market turnover up about 9.2 percent year-on-year, a report from the State Information Center showed.

The total market turnover stood at around 3.69 trillion yuan ($582.5 billion) last year, according to the report on the development of China's sharing economy.

Shared office space saw the fastest expansion, with market size growing 26.2 percent year-on-year.

Disrupted by sporadic resurgences of COVID-19 and related regulatory measures, the market size of shared accommodation shrank 3.8 percent from a year earlier, said the report.

Shared services continued to play a crucial role in economic growth in 2021, the report said, citing an example that the revenue of online takeaway services took up approximately 21.4 percent of the total revenue of China's catering industry.