The one-sided pursuit of higher user traffic and lofty fare subsidies were key factors behind the difficulties experienced by Chinese ride-hailing platforms, according to the country’s transport watchdog.
The assessment was made at a briefing by the State Council Information Office (SCIO) on Feb 28, as job cuts and financial losses have come under the spotlight in an industry that was once seen as the poster child of a booming sharing economy.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!