China recently issued a notification to ramp up regulation of share enterprises for better development of the sharing economy market, the People’s Daily Overseas Edition reported on June 4.

A shared library in Xi’an, northwest China’s Shaanxi Province.

The notification was jointly issued by the National Development and Reform Commission, the Cyberspace Administration of China and the Ministry of Industry and Information Technology.

According to the notification, relevant departments in China will enhance supervision of sharing economy enterprises regarding collection and usage of users’ personal information. In addition, the enterprises will be urged to protect consumers’ rights and interests at all times.

China’s sharing economy market has seen rapid development in recent years. Statistics indicate that the turnover of China’s sharing economy market hit 4.9 trillion yuan ($763 billion) in 2017, a year-on-year increase of 47.2 percent. Last year, the number of people involved in the market surpassed 700 million.

Authorities have predicted that the scale of China’s sharing economy market is expected to maintain a high annual growth rate of over 30 percent for the next five years. The market is also likely to cover fields including agriculture, education, health care and care for the aged.

The speedy development of the sharing economy demonstrates the huge vigor and potential of China’s economy, said Guo Xia, a researcher at Peking University’s China Center for Strategic Studies.

However, the sharing economy market nowadays faces various challenges, such as personal information leakage, weak protection of users’ rights and unfair competition, Guo added.

Working to solve such problems is crucial in creating sustainable and healthy development of the market, Guo noted.