Beijing (TDI): Private enterprises in China continued to expand steadily, amid government efforts to spur growth in both the private sector and the broader economy, data from the top market regulator revealed on Monday.
The number of private enterprises in China crossed 57 million by the end of March, accounting for 92.3% of all businesses countrywide, according to data from the State Administration for Market Regulation (SAMR).
In the first quarter, 1.979 million private firms were established, marking an increase of 7.1% from a year ago and outpacing the average growth recorded over the past 3 years, the SAMR noted.
Over 40% of the newly-established private companies during the January-March period were related to new technologies, products, business forms and models, SAMR data indicated.
The number of private companies in internet and information technology services increased the fastest, increasing by 18% from a year ago.
In particular, the digital economy sector witnessed the addition of 274,000 new private companies in the first quarter, accounting for 13.9% of all newly-registered private businesses.
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Through digital transformation, low-carbon initiatives and international development, the country’s private sector has strengthened its competitive edge and unleashed a surge of innovation, the market regulator said.
The private sector has become a major part of China’s economy, driving innovation, employment and overall economic development.
In February, China organized a high-level symposium on private enterprises, signaling strong backing for private businesses.
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In the government work report unveiled in March, the country has vowed to take solid measures to implement laws, regulations and policies related to the private economy, while also engaging in regular communication with companies to help resolve their practical challenges and concerns.
China is also developing the private economy promotion law to end barriers, unlock the sector’s full potential, and foster a fairer and more dynamic business environment.
