90 percent of new employment in 2009 in private economy

17:21, February 15, 2011      

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The private economy absorbed more than 90 percent of new employment in China, according to an official report recently.

According to the report from the All-China Federation of Industry and Commerce, the number of private economic entities has increased by 15.1 million to reach around 152 million, representing an 11.1 percent growth over 2008.

In 2009, private economy made greater contribution in terms of absorbing employment, which successfully curbed the downward trend of fewer employees in individual and private firms in recent years since 2006.

According to the report, as of the late of 2009, the number of registered private enterprises has reached more than 7.4 million, accounting for more than 70 percent of registered enterprises nationwide.

The registered capital of private enterprises has increased by 2.9 trillion yuan to reach 14.64 trillion yuan, representing a 24.8 percent growth. The average registered capital reached around 1.8 million yuan, which marks a 10.8 percent increase.

The number of individually-owned business grew by 2.8 million to reach about 32 million, which was a growth of 7.6 percent. Those businesses possessed total registered capital of about 1.1 trillion yuan, representing a 21 percent increase.

The total import and export volume of private enterprises reached nearly 437 billion U.S dollars nationwide. This means imports and exports by private enterprises rose as a proportion of total trade by nearly 18 percent in 2008 and by almost 20 percent in 2009, though the overall import and export volume declined 4.3 percent compared to 2008.

By Li Mu, People's Daily Online


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