Consumption and services play key role in stabilizing industry growth amid COVID woes China"s sharing economy demonstrated remarkable resilience and potential in 2021 amid the COVID-19 pandemic headwinds, with a turnover reaching 3.69 trillion yuan ($581.9 billion), up 9.2 percent on a yearly basis, according to a report from the State Information Center. The scale of direct financing for the sharing economy stood at 213.7 billion yuan in 2021, an increase of 80.3 percent year-on-year, the report said. The sharing economy in the fields of office space, knowledge skills and life services witnessed rapid growth, with transaction volume growing 26.2

China"s sharing economy transaction scale reached around 3.69 trillion yuan ($583.77 billion) in 2021, up 9.2 percent from a year earlier, with a direct financing scale of about 213.7 billion yuan, up 80.3 percent year-on-year, according to the latest China Sharing Economy Development Report released recently by the State Information Center. However, the report pointed out that the market of sharing economy in China saw imbalanced development: sharing in office space, production capacity and knowledge-and skill grew relatively fast, with transaction scales up 26.2 percent, 14 percent and 13.2 percent year-on-year respectively ; while the transaction of shared accommodation dropped

Regulators set to promote sharing, application of credit information to help MSMEs in financing China announced a new plan to promote the sharing and application of credit information in a bid to boost financing of the vast group of micro, small and medium-sized enterprises. The new plan, released on Wednesday by the General Office of the State Council, will give full play to credit information's role in increasing financing of MSMEs, which will help promote the establishment of a long-term mechanism to make financing for MSMEs easier and affordable, officials said. Zhao Chenxin, secretary-general of the National Development and Reform