Wang Yang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, presides over a bi-weekly consultation session on the development of the sharing economy in Beijing, capital of China, Jan. 11, 2018. (Xinhua/Yan Yan)

BEIJING, Jan. 11 (Xinhua) -- China's political advisors raised suggestions on the development of the sharing economy during a bi-weekly consultation session presided over by top political advisor Wang Yang.

China encourages innovation in the sharing economy and also takes a prudent attitude in a bid to ensure the orderly development of the sector, which is key to the modern economy and high-quality development, Wang said.

Wang is a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference.

Political advisors, experts and business representatives put forward suggestions regarding regulatory approaches, laws and credit systems for the sharing economy.

The rapidly-expanding sharing economy has created strong momentum for economic transformation and employment, but also faces growing pains including irrational investment growth and unfitted regulatory systems, they said.

Regulators should strengthen guidance and policy support, such as encouraging the sharing economy to enter areas of education, and old-aged care and medical treatment, while eliminating restrictive policies in administrative approval and business registration.

They also called for better protection of individual privacy, stricter punishment for misbehavior, information sharing between companies and governments, and integrated online and offline supervision.

China should encourage more companies in the sharing economy to go global and foster worldwide influence, they said.