Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, June 27 (Xinhua) — The number of private sector businesses in China reached 185 million by the end of May, up 2.3 percent year on year, official data showed Friday.
According to the State Administration for Market Regulation of the People’s Republic of China, the private sector, which includes private enterprises and sole proprietors, accounted for 96.76 percent of the total number of business entities in the country.
The number of private enterprises has exceeded 58 million, up 5.2 percent year-on-year. These enterprises have been steadily increasing investment in technological innovation and actively developing strategic new industries such as new energy and high-tech mechanical engineering, becoming a key pillar of industrial modernization and stable economic growth.
The number of individual entrepreneurs by the end of May this year increased by 1% year-on-year to 127 million. The department noted that flexible and diverse business models in the areas of retail, catering and household services make it possible to meet the diverse needs of the population.
In 2024, private enterprises accounted for more than half of China’s foreign trade and tax revenue, and more than 80 percent of urban employment. More importantly, they play a major role in strengthening the country’s innovation capacity, accounting for more than 70 percent of technological achievements.
To optimize the private sector development environment, ensure fair market competition, and promote the growth of both the private economy and entrepreneurs, China passed the Law on Encouraging the Development of the Private Sector earlier this year. The law strengthens legal guarantees and gives new impetus to the key driver of the world’s second-largest economy. -0-