(Yicai Global) March. 1 -- Transactions in China's sharing economy rose 42  percent last year to reach CNY294.2 billion (USD43.9 billion), according  to a new industry report.

The  sector employed some 760 million people in 2018, of which service  sector workers grew 7.1 percent to about 75 million, the report from the  government's National Information Center states.

Shared  economy platforms bolstered their workforces by 7.5 percent last year  to just shy of seven million in 2018 while sharing firms related to  travel, accommodation and catering increased their staff by 1.6, 2.1 and  1.6 percentage, respectively.

Direct  financing in the sharing economy fell by almost one-quarter last year  to CNY149 billion, amid tighter funding in the travel sector.

The  report expects China's sharing economy to maintain an average annual  growth rate in excess of 30 percent over the next three years, and it  can contribute further towards stabilizing employment and spurring  consumption. The sharing economy will become an important sector for the  application of new technologies such as artificial intelligence. It  will also play an increasingly important role in identity verification,  content management, decision support, risk prevention and control, as  well as service reviews and network and information security  supervision.

Following the implementation of China's new e-commerce law last year, the shared  economy will maintain strong regulatory features. The set-up of a  standardization system for the sector will continue while industry-wide  standards and norms are expected to be introduced in coworking spaces,  innovation platforms, shared medical care and online food delivery.

Editor: William Clegg