December 20，The "First China Cultural Tourism Accommodation Innovation Forum" hosted by Zhihui was held at the Pullman Hotel in Shanghai，The theme of this conference is "Evolution of Big Accommodation - From Business Upgrading to New Lifestyle"，Discussed the latest hot spots in the current and future development of China’s accommodation industry。This conference attracted more than 500 practitioners in major accommodation-related fields to participate。Xiaozhu co-founder and CEO Chen Chi attended the forum and delivered a speech。

Chen Chi thinks，Although there are some criticisms of the sharing economy today，But this is a problem that China’s creative industry will encounter。From an industry perspective and an entrepreneurial perspective，Sharing economy is a beginning，In the era of stock, decentralized construction is based on the credit system，will be an important trend in China’s future economy。It is expected that the sharing economy will account for 10% of the entire national economy，High volume of short-term rentals。 

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Good afternoon everyone！Xiaozhu is an accommodation sharing platform，So I will use 20 minutes to report to you how I view this field or the opportunities and development of the accommodation industry from the perspective of the sharing economy。

The title of my speech is "The heyday of the sharing economy has not yet arrived"。Why is this the topic of today’s speech？Because when Xiaozhu was established five years ago，Actually we are burning a cold stove，Most people in China think that the entire sharing economy will not happen，Because of direct observation of society，I think China cares very much about assets。When it comes to accommodation sharing, it’s even more impossible，Because I want to open my home，Let a person you have never met come in，How did this transaction happen。So we are a cold stove，But inexplicably, the sharing economy has become a trend since last year，Everything can be shared、Everything can be connected，A lot of capital has also poured into this industry，Many new projects are beginning to appear。But a year later, some different voices appeared，For example, the New York Times made some criticisms of China’s sharing economy a few months ago，Think this is a very big bubble，There were also some cold winters and pessimism。What’s the problem?？The sharing economy is an existing risk。The boundaries between many models and traditional leasing are not so clear，A lot of it is through re-producing some so-called materials，For example, use a bicycle to share。What is the significance of sharing economy？We have changed the way we consume，And use the stock，And use the stock，Make the world a more environmentally friendly，More green consumption patterns。Our incremental things started to run counter to each other，I also saw a lot of waste。Because of the large amount of capital entering, there are many competition issues，So it caused a lot of waste。

There are some industry areas where deposit issues have arisen，There are many deposits that cannot be returned when companies go bankrupt，Some use the social credit system to promote transactions，It will also force the social system to move forward。But a company that uses the sharing economy as its core entrepreneurial philosophy，There is a problem with the deposit，So there are a lot of negative voices in this industry，How to see it？I think one is in the long run，One is from a short-term perspective。

Long term view，A pattern is often overestimated，Also often underestimated。In the long run, it is nothing more than the superposition of three trends。The first trend,Everyone realizes that when China’s reform and opening up in the past 40 years，China will celebrate its 40th anniversary of reform and opening up next year，China has miraculously completed the largest scale in the past 40 years、The most rapid industrialization process has reached a peak state，The biggest change in China is that we have changed from a society with material shortages to a society with relatively abundant materials，It means a lot of growth in our economy in the future，Our business model may no longer be incremental，Many things may be done based on stock，This echoes the supply-side reform mentioned by the government，This may be something that everyone needs to pay attention to in future innovation，10% of future GDP、20% may come from stock。Why the sharing economy has a very important material foundation，It’s about looking at individuals or small organizations from a global perspective，The available stock of supplies is the most abundant in human history。Let’s take China as an example，China’s reform and opening up in the past 40 years，One is the rapid completion of industrialization，But it is a semi-agricultural industrial society where the acquaintance community is broken，The current community of acquaintances has been broken，The original social system has also disappeared，This has caused some problems，For example, transactions between strangers，A lot of sharing is actually impossible to complete。There are also some moral perceptions that are on a slippery slope，The past 40 years of China’s reform and opening up have seen the most severe decline in moral standards，But where is the root?？In fact, the process of industrialization has been far destroyed，I believe that none of you here even know who lives across the door。I remember being in the compound when I was a child，Many neighbors may not close their doors during the day，No one can stay at home，It’s very natural to stay at a neighbor’s house，For example, sharing some small items、Soy sauce、Many bicycles and more，This is very easy，Because there is a very stable and complete credit mechanism。But when we enter the end of industrialization，Although everyone is complaining about the credit mechanism，But in fact, most people do not realize that a new credit mechanism is rapidly emerging。We think that what we dare to do does not represent the trend of others，We believe that a new credit mechanism has arrived in the overall unfamiliar society，So we saw the real-name system for telecommunications and the real-name system for banks，You can see the direction of the national credit roadmap，It can be seen that the Internet has closed the loop on the real-name system in many fields，It will accelerate the credit society。So we believe that in the next five years the credit society will bring about，But there must have been different opinions five years ago，But five years later, many people are worried about whether China will become a credit society，Everyone is worried that citizens’ privacy is difficult to protect。For example, a recent news，There was a recent experiment，You can quickly find a reporter through face recognition。

The third trend is the trend of decentralization.Because of the existing assets，Especially with personal stock assets。The personal credit system can make transaction decisions between people，One of the most important decisions is decentralization。The process of industrialization is scale、Standardization、The trend of centralization，Big companies will appear、Large manufacturer、Big flow、Hypermarket，But the late stage of industrialization is a decentralized process，Individuals can once again participate in the overall production and service fields like an agricultural society，Personal assets on stock，For the new trading model and the so-called credit system，Re-deconstruct the centralized model，So there will be the industrialized land that Teacher Wang just mentioned，The so-called provision of services is very rough，But after decentralization is deeply empowered by this society, it will grow exponentially，formerly 10，Now it is 1000。It will be completely reconstructed from an experience perspective，From standardized to non-standard，Become personalized，Each small individual team can gain new insights into consumer changes and trends，Assets that will be added to the stock、Re-empowering the credit system，For example, payment, etc.。So the future is in many fields，We believe that an individual is a small team，It may be through the Internet、Getting empowerment through the new social ecology will be better than traditional companies and factories。Especially when the era of intelligence arrives。So many models of industrialization will be decentralized、Deindustrialization，Many sharing economy models will emerge。Of course, on the one hand, the cost has been reconstructed，But there will be existing assets，Personal participation will change the way of participation。From a long-term perspective, GDP and business models are based on stock、Based on decentralization，Long-term changes will occur。But the process of industrialization lasted almost 300 years，Then the process of deindustrialization and decentralization will also be very long。I just mentioned the outlet，In fact, it requires a long-term process to gradually evolve。

The second one is short term，The short term is more important for entrepreneurs。When you choose your own business model or promote the evolution of your own model，Realize that it requires gradual evolution，There are some boundaries that need to be crossed，Sometimes you may solve this problem，Sometimes it can’t be solved。For example, sharing about basketball、Vest’s sharing，Everyone thinks this is just looking for an outlet，Defrauding investors of their money，It is possible in the short term，Because of the sharing of assets，Need money to develop，This is a gradual process。Because the system is not developed enough，So sometimes the transactions are relatively large。When some products are of lower value，Sometimes the transaction value is not particularly large，Or when the loss is too high，This model is difficult to implement at present。But in the long run，10 years、In 20 years, China will become a high-credit society，I believe many sharing patterns will happen naturally。Even a piece of soy sauce、Screwdriver，In fact, it can be shared in the future community of strangers，Because the friction and cost of sharing will be quickly reduced。So you have to realize that this is the boundary，Recognize the current trend。

Give an example。For example, long-term and short-term trends。Start with a house and a car，The value of each share is high，Although the cost is still very high every time you share，But the cost of subtracting the two items will not be very high。But the sharing economy can occur in many fields，Existing assets can occur，The new credit system can support a lower-cost sharing，So everyone here looks at it from an investment perspective、It can still be done from an entrepreneurial perspective，What areas can we try to do now，Instead of simply chasing the wind，This is a very dangerous thing。

What we did five years ago was very difficult，Although we feel we see trends that others don’t，Start sharing from an area of ​​relatively high value。Our ability to share in the past was very weak，On the one hand, no one is willing to share their house，At the same time, it is difficult for this transaction to happen，Although you see there is an ID card system，It is also necessary to implement real-name registration and closed-loop transactions，But this credit system still cannot support it，So it is very difficult to break through the boundary。

For example, the real-name system and credit system issues，Don’t see that there are already some ready-made things in the world that can be used，Needs deep transformation。Everyone should pay attention to the closed loop of the real-name system，This closed loop is getting better and better，Especially now with face recognition、After the emergence of fingerprint recognition technology。For example, the first generation smart door lock，In fact, 188bet Online Sports Betting and Casino after you distribute the password to users，Users can enter directly。But how to identify the second generation，Real-name nesting is required when checking in，You can use your ID card to swipe it once。For example, face recognition，We may have some DEMO scenarios in January，Require facial recognition when entering，Only how can it work，At this time, the closed loop of real-name system will be better。Of course，Real-name system can also be implemented before this，For example, identity verification is performed when registering，Either homeowner or user，Transactions can also be traced，It is completely the application of so-called blockchain technology。

The so-called credit system，One is the internal credit system，One is the credit system of the entire society。Let’s talk about the interior first。For example, we can make a mutual review system，Mutual reviews between landlords and tenants，Transaction efficiency will increase rapidly when reviews accumulate，For example, a tenant’s decision-making depends very much on other tenants’ comments about the landlord in different dimensions，When you go through closed-loop transactions, you will find that your conversion rate is greatly improved。At the same time, this credit system can encourage more landlords to provide better services to tenants in accordance with the requirements of closed-loop transactions。So a closed-loop trading system will greatly promote the entire ecology。So the whole experience will evolve very quickly。Let’s talk about the external system。From the end of 2014 to the beginning of 2015, we started to enable Sesame Credit Score，The first is when the actual score can be used to evaluate a person’s creditworthiness，Can reduce transaction friction，For example, you need to pay a deposit to each other，If your Sesame Credit reaches 600 points, you don’t need to pay a deposit，That’s why the credit system plays such a big role，Beyond everyone’s imagination。

Currently, housing sharing around the world is basically based on prepayment，We are now keenly aware that live-now-pay-later methods such as the current Fliggy can be introduced into our system，We don’t need prepaid model，Pay after check-in。In this way we estimate that we can increase the conversion rate by 50%。So through the transformation of our own products，Can push boundaries。On the other hand，The development of the entire social credit system will reduce transaction efficiency and transaction friction。

Today’s platform，Internet economy，In fact, it is not just a connection application，In fact, it is to establish a new market，The market has market governance、Market credit，For example, smart door locks and housekeeping services，For example, my wife and I，We have a house in Beijing，Also has a house in Chengdu，But our house in Chengdu is for sharing，We don’t need to receive this tenant，Tenants can enter and leave our house at any time 24 hours a day，We can also make an appointment with the cleaning lady online，Can provide services to landlords，When the 188bet app download tenant leaves, the cleaning lady can use the smart door lock to enter and provide services。A large house can provide a rent of about 100,000 a year，This income is actually very good。In addition to providing a set of infrastructure, the entire platform，Lower the threshold，Let the experience continue to improve，This is also what Teacher Wang just said about how to keep non-standard at a certain level，In fact, it is not just a credit system，We still need to build infrastructure。This is a very complicated process，Sometimes I even think it’s harder offline than online。

We Xiaozhu are not a travel company，Not even an Internet company，The work we do is often market infrastructure work。We have made a lot of progress now，384 cities covered，250,000 houses，More than 20 million active users，It is a very active platform，You can discover the emerging markets we expect to experience faster，A market that is different from traditional hotels has already happened。You can see non-standard、Everyone’s insights into living，Actually seen throughout the process，1,500 new houses are posted online every day，And the growth is not large in quantity，And the quality is increasing very quickly，More individuals and small teams put their thoughts into perspective、Creativity is reflected in it，The speed of evolution is very fast。

Don’t understand that housing sharing is a cheap thing，It can meet the user’s usage scenarios，In the early days, there were only single rooms worth more than 100 yuan，In fact, the entire rental price is close to 400 yuan，The average is 280 yuan，And the frequency of repurchases is getting higher and higher。We estimate that the sharing economy will account for 10% of the entire national economy，High volume of short-term rentals。

In the long run，Although there are some criticisms of the sharing economy today，But this is a problem that China’s creative industry will encounter，But from an industry perspective and an entrepreneurial perspective，Sharing economy is a beginning，In the era of stock, decentralized construction is based on the credit system，will be an important trend in China’s future economy。Like Shanghai、Beijing、Guangzhou、Cities like Shenzhen，It is estimated that 40% of the population will be empowered based on new methods in the next 10 years，Do something the way you like，You can see that the goods and services provided by the entire society are very different from those in the industrialization era，I just mentioned that decentralization will involve non-standardization，Go straight to some very micro demands，It will completely change the form of business and consumption，This is a new perspective。

The above is my understanding and simple report, thank you all!