The Sharing Economy Research Institute of the National Information Center in Beijing yesterday established the Home Sharing Professional Committee — the first industry association for home sharing platforms operating in China — and announced a series of initiatives to ensure the home sharing industry grows sustainably in China.
The Committee comprises Airbnb and Xiaozhu, together with a number of other short-term rental platforms and experts from various academic backgrounds, including tourism and public security.
At the launch event in Beijing, the Committee also published the ‘2018 China Home Sharing Development Report’, a comprehensive analysis of the home sharing industry in China.
Key findings from the report include:
- The home sharing market is expected to expand and could exceed RMB 50 billion by 2020
- The industry grew by more than 70 percent in 2017 and is currently valued at approximately RMB 14.5 billion
- The home sharing industry is increasingly penetrating ‘tier-2’ and ‘tier-3’ cities
- Home sharing provides opportunity for additional household income for Chinese hosts
The report also features a series of recommendations to enhance the growth of the home sharing industry in China, including industry-wide regulatory, consumer protection and corporate responsibility standards.
A summary of the report can be found here.
“The sharing economy is highly valued by the central government and is clearly attractive to the public. Despite its short history, the home sharing industry has achieved impressive progress in terms of market size, becoming the second fastest growing sector of the shared economy in China,” said Xu Changming, Deputy Director of the Center. “The strong momentum of the Home Sharing industry should be supported by regulatory standards that drive sustainable and healthy tourism and ensure the industry can contribute more to the development of digital China.”
An Li, Vice President and Head of Public Policy, Airbnb China, highlighted the importance of the China market to Airbnb: “In China we see huge potential and we’re committed to meeting the needs of our community in China through localized products and services. We will also continue to work with the government to support its forward-looking policies, which have laid a positive foundation for the development of the sharing economy and the growth of the home sharing sector in China.”
The Committee was jointly initiated by the Sharing Economic Research Institute of National Information Center, Airbnb, Xiaozhu, together with a number of other short-term rental platforms and experts, and scholars from various backgrounds, including tourism and public security.