China's shared economy industry leads the world. It's moving so fast that during this political season, they're not talking about its present state, but its future. Our correspondent Yao Chin asked participants of the Two Sessions to share their thoughts.

During the Opening Session of the 13th National People's Congress, Premier Li Keqiang told the assembly that along with high-speed rail, e-commerce and mobile payments, China's shared economy industry leads the world.

Last year, according to China's State Information Centre, the shared economy market generated 4.92 trillion yuan's worth of transactions, that's around 780 billion US dollars. And that's 47 percent higher than the year before.

The industry is growing so rapidly, it has expanded beyond the confines of peer-to-peer sharing to include not just hire-bikes and private taxi hire using mobile phone apps, but shared washing machines, basketballs, phone chargers, umbrellas.

We asked senior economists at the CPPCC why China's shared economy has developed so fast.

ZHONG MAOCHU ECONOMICS PROFESSOR, NANKAI UNIVERSITY CPPCC MEMBER "The reason is down to the speed at which China's internet has developed, and how much the Chinese people have embraced the Shared Economy model. They have brought into the idea, and want to participate in this new market. This is why it's developing so fast. Other countries can learn from China's experience."

WANG YIMING, DEPUTY DIRECTOR DEVELOPMENT RESEARCH CENTER, STATE COUNCIL CPPCC MEMBER "China has been exporting this business model to other countries. This includes Didi and shared bikes: they have already developed their businesses in other countries and are advanced examples that will have a positive influence in other countries. They will lead to innovations in consumer consumption in other countries too."

YAO CHIN BEIJING "The economists we spoke to did however call for better regulation of the market place. The problem is that shared industries here in China are taking off quicker than regulations can catch up. And that's because this industry is not about recycling old ideas, but harnessing innovation. So what of the future?"

CHENG JING CEO, ZHONGGUANCUN SCIENCE PARK CPPCC MEMBER "I think the Shared Economy has a very bright future. Because it's internet-based, it can easily adapt to the requirements of different people, meeting market demand. So it has market value and it has sustainable development."

GAO YU CEO, PAND AUTO NPC DEPUTY "Technological innovation is important with regards to the shared economy. Especially innovations in shared transportation. Driverless cars are a hot topic in the shared economy industry, and I hope there will be a breakthrough in technology with this."

The Chinese words "Shuang Chuang" mean startup and innovation. It's a phrase of an encouragement to everyone to become an entreprenuer and be innovative.

Premier Li introduced the phrase in 2014, and you can see by how the shared economy has taken off in China, just how much it's being taken to heart. Yao Chin, CGTN, Beijing.