In recent years, a sharing economy has emerged, growing rapidly in the form of shared bikes, cars, mobile chargers and umbrellas. However, the new economic form has also raised problems in terms of ensuring profitability, fulfilling corporate social responsibilities, protecting users' legitimate rights, and guarding the safety of public data. After soaring growth, the sharing economy has entered a key phase of adjustment.

The boom of the sharing economy has propelled the integrated development of the Internet, economy and society; generated new business formats; and provided a great number of jobs, satisfying people's ever-growing demands for a better life.

The new economy is not mired or decaying, but needs to explore suitable development modes. Its positive role as a new form of consumption should be valued, and the role of consumption should be given full play to drive economic development.

To register sound development, enterprises engaged in the sharing economy should make more innovations to better meet consumers' demands while undertaking their social responsibilities. They should also try to seek ways of staying profitable in the long term since enterprises ballooned by capital are not sustainable. In addition, regulators need to stop monopolies and create a fairer business environment with legal regulations.

(This is an edited excerpt of an article published in People's Daily on September 17)