China's market regulator to tighten oversight of sharing economy
Shared bikes in Guangzhou, south China's Guangdong Province. /CFP

Shared bikes in Guangzhou, south China's Guangdong Province. /CFP

China's market regulator said on Monday it would step up oversight of the sharing economy, where consumers share access to goods and services often with the help of an online platform.

Bike-sharing and joint use of portable power banks to charge mobile phones are two popular sectors in the sharing economy.

The State Administration of Market Regulation said its stricter oversight would include regulating power bank sharing platforms and making their pricing systems transparent.

The regulator also said it was investigating food delivery giant Meituan for not reporting its acquisition of bike-sharing startup Mobike in 2018 for antitrust review.

Meituan did not immediately respond to a request for comment.

Earlier on Monday, Meituan warned in a regulatory filing it might be required to pay "significant" antitrust fines.

Source(s): Reuters

Search Trends