Report says China's sharing economy to grow 40% annually

China's sharing economy will maintain a high 40 percent annual growth rate in the coming years, according to estimates in a report released by the State Information Center.

The report, released by the center's sharing economy research branch, predicted the sharing economy's transaction volume will account for over 10 percent of the country's GDP by 2020, and that the ratio will continue to grow to roughly 20 percent by 2025.

China's fast-growing sharing economy will likely generate five to ten business giants in different sectors over the next decade, according to the report.