China's private economy employs 160 million workers

15:52, February 09, 2011      

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Statistics from China’s State Administration for Industry and Commerce (SAIC) indicates that the country’s torrid development of the individual and privately economy has spurred a remarkable job growth for the past five years. Currently there are 160 million attracted within 40 million merchants nationwide.

State's policy-makers help to attain this achievement by interweaving the entrepreneurship encouragement courses into the private economy development, one of the management wisdom by "Eleven-Fifth" plan. Throughout the five years, laid-offs, discharge veterans, college graduates, the disabled and homeward-bound rural laborers were benefited from starting individual or private businesses with the government's guidance and supports.

Around 7.9 million of the previously state-owned laid-offs and 930 thousand graduates successfully went back to their careers, and exempted from the administration taxation.

Now, such economy has even become the main job solutions for the graduates and the cast-offs as the economy size booming. Annual growth of the total individual merchant size gets nearly 6.7 percent, while the private merchant hits 11.7 percent.

By Li Yancheng, People's Daily Online


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