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China’s sharing economy worth 1.95 trillion yuan

From ride-hailing businesses to online auctioneers, sharing economy platforms created a market worth 1.95 trillion yuan, or nearly $300 billion, in 2015. That’s according to a report by China’s National Information Center.

There were 50 million sharing business providers in China in 2015, providing services to over 500 million consumers. The information compiler estimates that China’s sharing economy would grow at an annual rate of 40 percent in the next five years, and would take up more than 10 percent of China’s GDP by 2020.