From the Success of Yellow Bikes to View China’s Thriving Sharing Economy
Prof. Xufei Ma said in an interview with Xinhua News Agency that “inspired by the huge success of bike-sharing and companies that provide shareable products and services, China is undergoing a transformation, moving from being a country who is seeking advanced technology imports to become one that can influence the world with its unique business model.”
More than 2,000 corporate delegates around the world attended the Asia-Pacific Economic Cooperation (APEC) CEO Summit 2017 held in Vietnam on 10-11 November, 2017. Among there were two delegates from China including Dai Wei, the Co-founder and CEO of ofo, one of the largest bike-sharing companies in the world.
The post-90s entrepreneur spent about two years to establish one of the world’s largest bike-sharing platform. Currently, ofo has connected users to more than eight million bikes in 170 cities across nine countries.
In 2016, China’s sharing economy transactions were worth more than 3,000 billion yuans, according to a report from the country’s State Information Centre. Meanwhile, 600 million people were involved in activities related to the country’s sharing economy, a two-fold increase year-on-year, the report added.
The bike-sharing craze is a typical example of the rapidly shifting picture of China’s new economy. As the world’s most active capital and consumer market, China has embraced the sharing economy with flourishing platforms offering everything to consumers for their daily lives from bicycles to power banks, to umbrellas and baby strollers.
Commenting on China’s booming sharing economy, Xufei Ma, Associate Professor of Department of Management and Director of Centre for Entrepreneurship at The Chinese University of Hong Kong Business School, shared with Xinhua News Agency in an interview and said, “Inspired by the huge success of bike-sharing and companies that provide shareable products and services, China is going through a bout of innovations in mobile internet applications, cashless payment and usage model. This has not only brought disruptions to traditional industries and business models, but has also created new industries/businesses. China is undergoing a transformation, moving from being a country who is seeking advanced technology imports to become one that can influence the world with its unique business model.”… Read More (PDF)
This original article is written in Chinese, and it has been reprinted by more than 33 online media outlets in mainland China, including China.com (PDF), China News Service (PDF), China National Radio (CNR) (PDF), China Youth Daily (PDF), CNFOL.com (PDF), Economic Daily (PDF), Eastday.com (PDF), Fujian Daily (PDF), Guangxi Daily (PDF), Henan Daily (PDF), iFeng.com (screen capture), Liaoning Daily, NetEase (PDF), Shenyang Daily (PDF), The People’s Daily (PDF), Yangcheng Evening News (PDF) and more.
Source: Xinhua News Agency
Date published: 8 November, 2017
Photo: ofo