China will maintain a 40% growth rate in its sharing economy in the next few years, said Meng Wei, a spokesperson for China’s National Development and Reform Commission, at a press conference on Wednesday.

According to Meng, the sector’s transaction volume is expected to reach 4.5 trillion RMB ($670 billion) at the end of 2017.

China’s sharing economy had a total transaction of 3.45 trillion RMB last year, increasing 103% year on year. More than 1,000 enterprises and over 600 million people are involved in the sector, and about 60 million of the people are service providers.

As a promoter of the sharing economy, the commission will make more efforts to accelerate the development of the sector, Meng said.

She noted that more importance will be placed on mechanism building, institutional improvement, integrated development, and experience promotion.