Private Sector Witnesses Rapid Growth in Beijing

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Last updated at: (Beijing Time) Friday, February 28, 2003

Private Sector Witnesses Rapid Growth in Beijing

The registered capital of the private sector in China's capital exceeded 24 billion US dollars last year, the Beijing Morning News reported Friday.

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The registered capital of the private sector in China's capital exceeded 24 billion US dollars last year, the Beijing Morning News reported Friday.

The paper quoted the municipal statistics bureau saying the private sector submitted tax revenues totaling 740 million US dollars last year, an increase of nearly 50 percent from the previous year.

It meant that among every 100 US dollars of tax collected, 11.2US dollars came from the private sector.

Meanwhile, the private sector also invested nearly 64 million yuan in fixed assets last year, an increase of 230 percent over the previous year.

Qian Yan, a researcher with the local statistics bureau, said the tertiary sector, especially social services and labor-intensive industries, was most favored by the private economy.

The social service sector, including modern industries like information consultation and computer application services, had witnessed the most rapid growth in private economic strength in recent years, said Qian.

Other sectors where the private economy also expanded rapidly included transportation, storage, retail and wholesale business, and catering.

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