Haojie Hu of Loyalty Network (Sharenplat) Shared Views on Sharing Economy in the Context of Chinese Human Capital

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In the Summer World Economic Forum at Davos in 2016, Chinese Prime Minister Li Keqiang stated, “Sharing economy also stands for the public creative economy, which can involve everybody and benefit everybody.

In the Summer World Economic Forum at Davos in 2016, Chinese Prime Minister Li Keqiang stated, “Sharing economy also stands for the public creative economy, which can involve everybody and benefit everybody. It is good for reasonable income distribution pattern, offering equal right for competition to everybody.” The global success of UBER and Airbnb, together with the success of Chinese Didi, exhibited the true potential of sharing economy. However, Haojie Hu (Aaron Hu), the founder of Shanghai Loyalty Network Technology Co., Ltd or simply Loyalty Network recently cleared their stance on sharing economy.

Aaron Hu was quoted by the local press where he said, “The social value of an enterprise depends on its ability to look into and solve social issues. And the motive to solve an issue usually does not come from one type of business but from the identification and solving of social problems. The success of enterprise needs the synergy of workforce, capital, technological capabilities and policy coordination.”

Economy sharing results in almost zero marginal costs by closing the demand and supply. Shared economy is marked with the maximum exploration and utilization of individual value, resources and capabilities. Through activating and satisfying needs at various levels, such economy can comprehensively improve people’s well-being and sense of happiness, which makes it possible to achieve broad-spectrum improvement on many social issues, such as social uneven distribution, inequality of opportunity, tensions between the haves and have-nots, as well as excess capacity.

The stark disparity between gross domestic production and individual wealth is a major economic challenge before China. On one hand, the differentiation in regional prosperity, policy and economic structure resulted in the polarization between first-tier cities and rural areas in middle and western China.

Aaron Hu added in this context, “Even though sharing economy is the future opportunity, the most fundamental problem of sharing economy is the establishment of the credit system, the setting of evaluation system and friendly, easily accessible user experience.” He also said, “At present, most of the emerging companies engaged in sharing economy field in China will be knocked out due to speculative business practices under the serious test of social credit mechanism and user review. The operation of an enterprise is very much based on social philosophy. Once supervision is valued by market, there will be no space for opportunism. An enterprise can’t survive in market unless it delicately integrates itself with a sense of mission, user experience and user value.”

While asked about whether Chinese skilled workers would be able to reap full benefits of sharing economy, he said, “Before the advent of the internet, there was no way individuals could demand fairness and transparency in society. As a result, they couldn’t get what they deserved. In the future, however, we expect that a person working hard would be able to get a complete view of his earnings vis-à-vis what he actually deserves.”

The mission of sharing economy is to create a transparent networking platform for all users. There will be need-based and skill-based resources and social networks so as to generate value for the end users.

China has already acknowledged its gap with developed countries, such as America, in terms of purchasing power parity. In China, there are many people who don’t get the adequate compensation according to their skill or ability. They cannot earn what they deserve, or their rewards are largely slashed down. For example, an excellent electric appliances maintainer, a massage therapist with knowledge of ancient Chinese treatment regime and a senior dresser have defined roles in the market. But traditional platforms in the forms of a brick-and-mortar shop or a factory deprive theem of their financial rewards. It will be possible to redistribute wealth to the working people again and gradually eliminate the traditional platforms under Sharenplat’s sharing economy system, Aaron Hu claimed.

As a matter of fact, a service which is designed to offer shared value to its users would never extort money from its users. And that’s what Loyalty Network will do: to share value with users and realize its users’ personal and professional values.

Media Contact
Company Name: Shanghai Loyalty Network Technology Co. Ltd.
Contact Person: Haojie Hu
Email: Contactus(at)loyaltynt(dot)com
Phone: +86 17301781406
Country: China
Website: http://www.loyaltynt.com

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