China's Private Businesses Becoming Big Exporters

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Last updated at: (Beijing Time) Monday, March 04, 2002

China's Private Businesses Becoming Big Exporters

Private businesses, which had to use Stated-owned enterprises as a bridge when trading with foreign companies, are now rising stars of exports in China.

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Private businesses, which had to use Stated-owned enterprises as a bridge when trading with foreign companies, are now rising stars of exports in China.

A Private Company in Zhejiang

Yanzhong Trade Co. Ltd., based in east China's Zhejiang Province, is the first private company involved in logistics in China. The company, with a registered capital of five million yuan (602,400 U.S. dollars), exported fabrics worth 10 million U.S. dollars last year.

The company is aiming to explore the South America market this year, said Lu Tianming, the company's representative attending the East China Export and Import Commodity Fair 2002, which opened last Friday in Shanghai.

"Some companies from the Middle East at the Fair have expressed the hope of cooperating with our company," he said.

The company's export business in America and Europe was affected after the September 11 incident. But Lu said that this year's business would be better than last year, judging from the results of the first two months of 2002.

Zhejiang's Private Businesses Boasted

Zhejiang boasts one of the most vigorous private economies in China. One fourth of the 23 billion U.S. dollars-worth of the province's exports came from the private sector in 2001.

The Ministry of Foreign Trade and Economic Cooperation did not grant Zhenjiang's private businesses import-export licenses until 1999.

Private businesses will play a positive role in enhancing China 's exports, said Wang Yaotian, a specialist in WTO issues.

More Businesses Attracted to The Commodity Fair

The fair, which has been held annually since 1991, is China's largest regional export and import commodity fair. Contracts resulting from the fair, which was attended by about 10,000 domestic and foreign business people, reached a record 1.532 billion U.S. dollars-worth in 2001.

The 2002 event has attracted some 600 domestic and foreign businesses, and features three categories of exhibits -- garments, light industrial products and technology.

East China is one of the most developed regions in the country, with its industrial output totaling 2.6 trillion yuan in 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.

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.

Private Capital Flows into Zhejiang Infrastructure sector

The prosperous eastern China province of Zhejiang has become a leading beneficiary of booming private investment.

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Private Economy Overrides State-Owned Economy in East China

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