"The sharing economy functions in a legislative and supervisory grey area," said Chen Chi, CEO of a Beijing-based accommodation-sharing firm, much like AirBnB.
"If a person shares his or her house, which law regulates the transaction and which institution supervises? Currently, these questions are unanswered," he said.
Tian Hongqi, vice president of the Chinese Academy of Engineering, said that as sharing businesses were new in China there were teething issues, concerning credit and information infrastructure.
One of the effective measures to tackle these problems, Tian suggested, would be a unified system where all credit information could be referenced and shared.
Another approach would be to establish a credit service and rating system for users, Tian added.
Following customer complaints, bicycle associations in China produced a draft guideline last Thursday to regulate the industry.
Led by bicycle associations in Shanghai and Tianjin, the draft has solicited advice from China's major bicycle manufacturers and bike-sharing companies including Mobike and Ofo. It comprises standards on the production, operation and maintenance of shared bikes.
MORE THAN BUSINESS
Sharing has won the support of the public and more and more industries are exploring how to apply the model to their buisnesses. There needs to be a sound relationship between online platforms, enterprises and government sectors, to encourage innovation.
"We will continue to support and guide the development of the sharing economy to enable greater efficiency and convenience to our people," said the Report on the Work of the Government, issued earlier this month.
The government will formulate regulations that encourage innovation and will be both tolerant and prudent, the report read.
Sharing, more than a money making endeavor, is also important for global governance in the eyes of Chinese leaders.
China has established a global web of partnerships, providing a favorable external environment and strategic support for China's development, Foreign Minister Wang Yi has noted.
Meanwhile, the country has made impressive efforts to promote inclusive development, helping countries, especially the developing ones, to share the fruits of development.
The Belt and Road Initiative, for example, will mark a new chapter of openness and win-win cooperation around the globe.
In a word, sharing, on whatever level, will test wisdom and accountability of all those involved.
