China sees significant growth in private sector

World

Published: 2024-06-14 13:52

Last Updated: 2024-07-14 08:35


Chinese flag.
Chinese flag.

China's private sector played a key role in boosting high-tech and emerging industries in the country. By the end of May 2024, the number of private business entities in China reached 180.45 million, accounting for 96.4 percent of the total business entities in the country.

The Chinese National Market Regulation Authority reported that this percentage was higher than the 95.5 percent recorded in 2019. According to the Xinhua news agency, China is now home to nearly 55.18 million private companies and over 125.27 million self-employed individuals.

The private sector in China played a crucial role in promoting high-tech and emerging industries. In the manufacturing sector, private companies currently represent 96.1 percent of all manufacturing firms in China, up from 95.9 percent in 2019.

The share of private companies in the scientific research and technical services sector increased from 91.9 percent in 2019 to 94.4 percent currently.

China has long encouraged the development of its private sector and consistently sought to create a market-oriented, law-based international business environment.

Earlier this year, China announced the drafting of a law aimed at promoting the country's private economy.