December 27th (AMSP/CGTN) – – Counting through 5 to 9, we see just how pivotal China’s private sector is to its economy.
China’s private economy accounts for more than half of the country’s tax revenues, 60% of annual GDP, 70% of technological breakthroughs, 80% of employment and 90% of all enterprises.
The latest data shows China is home to nearly 56 million private companies, up 6% from the previous year, and 125 million self-employed small businesses, which saw a 3% increase. Together they have seen a fourfold increase over the past decade.
The private economy has also outpaced the overall economy in terms of investment and trade. In the first 10 months of the year, private investment rose 6.3% and exports from the private sector increased by over 9%.
amsp/cgtn-abp
CGTN