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Sharing economy platforms have created a market worth 1.95 trillion yuan in 2015, according to the latest report released by the National Information Center in Beijing on Feb. 28.

There were a total of 50 million sharing business providers in China and more than 500 million participating consumers, according to the center's report- "2016 Development Report of China's Sharing Economy."

The sharing economy satisfies a variety of needs by integrating and publicizing scattered and idle resources. In addition to taxi-hailing apps such as Didi, sustainable innovations in products, space and labor services have promoted the birth of new platforms, said Yang Yixin, the deputy secretary of China's Internet Association.

China's sharing economy will grow at an annual rate of 40 percent in the next five years, and will account for more than 10 percent of China's GDP by 2020, said Zhang Xinhong, an employee at the National Information Center.

Li Jianhua, chief development officer of Didi, said the service received 1.43 billion calls in 2015, and the figure is expected to double in 2016.

China is becoming the world's largest sharing economy, playing the role of international pioneer. The report forecast that five to 10 enterprises with similar values and influences to Didi will establish themselves in China in the next decade.

This article was edited and translated from 《我國分享經濟規模達１．９５萬億元》. Source: Xinhua. Author: Li Zhengwei, Lu Dong.