The city of Ningbo in East China's Zhejiang province announced at the 2017 Sharing Economy CEO Summit on July 5 a plan to establish a characteristic town featuring a sharing economy in its Fenghua district.

With the rapid development of big data analysis and intelligent technologies, developing a sharing economy is being included in many cities' plans for future development. Ningbo is playing a leading role in building an industrial cluster in the sharing sector in China.

A document released at the summit showed the government will provide strong policy support to companies in the town to help them attract talent, ease their tax burden and secure investment.

Yu Xin, founder of China's bike-sharing giant OFO, said in the future businesses should be based on data sharing, analysis and monitoring. "We are going to develop a cooperation platform with other companies like Ant Financial and Wanda Group to provide data for policymakers," Yu said.

His idea was also confirmed by the sharing economy town setting up a data platform. Companies in the town share information with each other, helping partners and the management committee make better operational decisions.

So far, about 112 companies have applied to move into the town.

The launching ceremony for the sharing economy town takes place at the Sharing Economy CEO Summit in Ningbo, Zhejiang province, on July 5. [Photo/zjol.com.cn]