Shared umbrellas on the street in downtown Shanghai [File Photo: 163.com]

From bikes to umbrellas, China has witnessed a huge growth in its sharing economy.

Statistics show that China's market trade volume of sharing economy topped nearly 580 billion dollars last year with an increase of 76.4 percent from 2015. Almost 60 million people in China used shared services, representing an increase of 10 million from the previous year.

The shared economy platform created nearly 5.85 million job opportunities, featuring high flexibility and diversification. It is estimated that the overall trade volume of the sharing economy will occupy more than 10 percent of the country's total GDP by 2020 with an annual 40 percent growth rate.