Private Economy Overrides State-Owned Economy in East China

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Last updated at: (Beijing Time) Tuesday, February 19, 2002

Private Economy Overrides State-Owned Economy in East China

This capital of east China's Zhejiang Province has reported a bigger share for the private economy in the past few years.

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This capital of east China's Zhejiang Province has reported a bigger share for the private economy in the past few years.

According to the city's statistics bureau, the private economy has scored a higher increase rate than other sectors of the economy and overrides the state-owned economy in the three major sectors of industry, real estate and service.

Driven by the government's preferential policies, the private economy in this city has developed at the rate of 34 percent in the last decade. The figure for both the public and collective economy is around 20 percent.

Preliminary statistics show that last year the private economy realized an added value of more than 70 billion yuan (about 8.4 billion U.S. dollars), taking up almost half of the whole economy.It was less than one billion in 1990, contributing only one percent of the whole.

The private economy takes up more than 70 percent of the real estate market.

The development of the private economy in turn has boosted the city's economic reform. Hangzhou has registered an annual economicgrowth rate of 17 percent in the last decade. Its GDP amounted to 156.8 billion yuan in 2001, ranking among the top three provincialcapitals of the country.

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