A Thousand New Private Firms a Day in Zhejiang

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Last updated at: (Beijing Time) Sunday, January 12, 2003

A Thousand New Private Firms a Day in Zhejiang

Zhejiang Province in east China has witnessed rapid development of the private economy, with more than 1,100 private businesses registered daily in 2002.

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Zhejiang Province in east China has witnessed rapid development of the private economy, with more than 1,100 private businesses registered daily in 2002.

The number of self-employed and private businesses registered last year was 347,300 and 68,600 respectively, bringing the total to more than 1.52 million and 247,300, according to the provincialbureau for commerce and industry.

The total output value of the province's private businesses reached 74.27 billion yuan (nine billion US dollars), overtaking that in other provinces and autonomous regions.

Last year, the province enforced a series of measures to promote the healthy development of the private sector. These measures encourage people to invest in a wider range of industriesand expand their production scale. The province has also simplified procedures for registering firms.

The private sector in Zhejiang now has more than 10 million employees, accounting for 35 percent of the province's total laborforce.

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