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Sharing Economy

Didi ride-share halt threatens to cool China's sharing economy

Passenger killings add to strain on $780bn sector as bike-shares also struggle

Didi Chuxing, China's biggest ride-hailing service, has been key to the growth of the country's sharing economy.
Didi Chuxing, China's biggest ride-hailing service, has been key to the growth of the country's sharing economy.

BEIJING -- The suspension of ride-sharing by Chinese leader Didi Chuxing over the killings of passengers, plus a crippling race to the bottom among bicycle-sharing startups, have raised concerns over whether the country's sharing economy can sustain its rapid growth.

Didi's CEO and founder Will Cheng Wei and President Jean Liu Qing said in a joint statement on Aug. 28 that its Hitch carpooling service would be suspended indefinitely. The executives expressed dismay that two tragedies involving Hitch had taken place in just three months, adding that they accepted responsibility and apologizing to the victims and their families.

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