Private business develops fast in Zhejiang

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Last updated at: (Beijing Time) Monday, January 05, 2004

Private business develops fast in Zhejiang

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Zhejiang Province in east China witnessed fast development of private enterprises in 2003, with the total number of private businesses and self-employment businessmen reaching 1.89 million, the provincial administration for industry and commerce said Sunday.

The administration attributed the rapid increase of the privatesector to incentive policies that removed all barriers for privateinvestment to enter all sectors except those under government restrictions.

According to the administration, private enterprises in the province have become stronger economically, and an increasing number of them are engaged in high and new technological sectors.

While 2,303 private enterprises in the province have drawn a total of 1.3 billion US dollars in actual foreign investment, which represents a growth of 46.41 percent and 47.18 percent, respectively, from 2002, five others have been listed on the Hong Kong stock market.

All this indicates that greater progress is expected in the province's private sector in the future.

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