(Photo: Xinhua)

China's sharing economy has expanded continuously over recent years, thanks to the public's active participation, governmental policy support and mature business mode.

The transaction volume of the sector has grown by 40 percent every year since 2016. Last year, transactions in the sharing economy totaled 3 trillion yuan, with 760 million people participating in the sector.

The sound growth momentum of the sector has driven the development of relevant areas such as travel, accommodation, and catering services. From 2015 to 2018, the three divisions grew by 1.6 percentage points, 2.1 percentage points, and 1.6 percentage points, respectively, by joining the sharing model.

China's 1.4 billion consumers have a growing need for new business models and new types of consumption, said Hong Qunlian, an economics researcher, adding that the higher penetration rate in mobile phone usage and new technologies have helped involve more people in the sharing economy.

China encourages creative, inclusive and prudent development of its sharing economy.

The country will foster new growth areas and drivers of growth in medium-high end consumption, innovation-driven development, the green and low-carbon economy, the sharing economy, modern supply chains, and human capital services.

China's sharing economy emerged, grew and prospered from 2011 to 2018. Hong said the supervision system must be improved to guarantee the healthy development of the sector.