News emanating from the First World Witkey Conference held in Chongqing late last year, is that the trading volume of Chinese Witkey websites was over CNY300 million in the last year.

Witkey is a combination of wit and key and it is also the abbreviation for “the key of wisdom”. It allows people to turn their intelligence, knowledge, abilities, and experience into actual income by solving problems for other people or companies via the Internet. Witkey websites often provide money or points to users for assisting other users in providing answers or solutions to problems. For example, a company might offer users of a Witkey website money in exchange for designing a company logo. Or a netizen might solicit users of a Witkey website to help in writing a business plan.

According to comments in local media made by Zhu Mingyue, chief executive officer of the Chinese leading Witkey website, its total trading volume reached CNY160 million, and two other Witkey websites and also reportedly had trading volumes of over CNY100 million, respectively. All of these websites are part of privately-owned companies, so their financial figures could be overstated to the local media.

A white paper issued during the conference claims that there are over 100 Witkey websites in China, with over 20 million registered members and a combined trading volume of about CNY300 million. In addition, the Chinese Witkey sector has seen rapid growth over the past five years.

The white paper said that the Chinese Witkey model has entered a mature period and there is a healthy and balanced relationship between employers and Witkeys. At present, over 87% Witkeys are reportedly able to gain profit on their platforms, and some of them claim monthly incomes of up to CNY20,000.