Private Sectors Important to China's Economy

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Last updated at: (Beijing Time) Tuesday, December 18, 2001

Private Sectors Important to China's Economy

China's top private business leader said Monday that private businesses play a vital role in the nation's economy and should shoulder the responsibility to help the country prosper.

Statistics show that more than 1.7 million fully private enterprises operate in China today, accounting for 1.1 trillion yuan (132 billion U.S. dollars) in investment and employing around 27 million people.

Plays a vital role

China's top private business leader said Monday that private businesses play a vital role in the nation's economy and should shoulder the responsibility to help the country prosper.

More opportunities

The "go-west" strategy and China's entry into the World Trade Organization (WTO) bring businesses more opportunities to expand and thrive, said Jing Shuping, chairman of the All-China Federation of Industry and Commerce (ACFIC), at the fifth plenum of the Eighth ACFIC Executive Committee.

Over 54 million jobs created

Jing said that over 54 million jobs have been created in China in the past decade as the number of private enterprises increased 19.5 times, the number of registered funds rose 154 times, and the output value of the non-State sector leaped 117 times.

New challenges

ACFIC vice-chair Zhang Xuwu stressed that the non-State economy will face new challenges due to China's formal WTO entry, according to China Daily.

Entrepreneurs must take stock of these hurdles, which include ignorance of international market rules, a monotonous industrial mixture and the lack of qualified personnel, Jing said.

Over 1.7 million private enterprises in China today

Statistics show that more than 1.7 million fully private enterprises operate in China today, accounting for 1.1 trillion yuan (132 billion U.S. dollars) in investment and employing around 27 million people.

Private enterprises / individual businesses

Private enterprises in China refer to those business that employ more than eight people. Those with fewer employees are called "individual businesses."

China's Private Enterprises look to the 21st Century

The Forum on the Development of China 's Private Economy in the 21st Century was the place with the loudest applause during the recent First China Private Enterprises Fair, according to Beijing Review.

For four consecutive days beginning December 8,2000, 57 specialists, scholars and top executives of enterprises delivered speeches in Kunming, Yunnan Province. They covered a wide range of topics including ��o?��World Trade Organization (WTO) Accession and China 's Private Enterprises," "How Should Private Enterprises Partake in State-Owned Enterprise (SOE) Reform," "Private Enterprises and Globalization," and "Positioning of Private Enterprises in the 21st Century," etc. All seats were occupied and the 2,000-plus audiences were captivated.

From Experts and Scholars: National treatment should be granted to private enterprises.

From Private Entrepreneurs: There are three strategies to "win."

In detail

Private Businessmen, White-Collar Professionals Top Income Rank: Survey

Party Boosts Private Sector

Stronger Cooperation Urged Between Private, Public Sectors in Asia