Five buzzwords for Wuxi's future

2. Sharing economy

The sharing economy mainly describes sales transactions that are done via online marketplaces. [Photo/provided to chinadaily.com.cn]

The sharing economy refers to economic and social systems that enable shared access to goods, services, data and talent. At its most basic, it is a system built around Internet companies that serve as marketplaces, matching people who provide a service with others looking to pay for it.

As a brand new business model created through the development of Internet technology, it has been widely applied by many successful businesses such as Uber and Airbnb.

The city of Wuxi will follow this new economic trend and attempt to apply it to an increasing number of industrial areas, creating a new economic growth point.