(Yicai Global) Jul 28 -- Beijing issued new regulations governing China's ride-hailing industry today, permitting any vehicle to pick up passengers as part of services offered by companies such as Didi Chuxing and Uber Technologies Inc.
Regulators have set three requirements for ride-hailing cars: the vehicle must have seven or fewer seats; a dashboard cam and satellite positioning equipment must be installed; and there should be less than 600,000 kilometers on the clock. The new rules come into force on Nov. 1.
The transport ministry will also allow individuals to use their own cars for sharing as a business if they meet the three requirements.
Ride-hailing providers have to take more responsibility to secure the interests of both drivers and passengers.
China has the world's biggest market for car sharing. Didi Chuxing, the country's market leader, is valued at USD25 billion after Apple Inc. [NASDAQ:AAPL] invested USD1 billion on May 13.