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Individually owned companies growing steadily: SAIC

By Zhang Ye (Global Times)

08:28, August 29, 2012

The State Administration of Industry and Commerce (SAIC) has said that individually owned companies have seen stable development in China, despite concerns over the sector's health, People's Daily reported Tuesday.

According to statistics released by the SAIC, the number of individually owned businesses was 23.8 million in 2002, and it was 23.5 million in 2004, a 0.85 percent decrease annually on average. But from 2005 to 2011, the number increased by 7.3 percent per year on average.

The decrease from 2002 to 2004 was mainly owing to the overall economic climate during the period, said Ma Fu, director of the Department for Regulation of the Private Economy under the SAIC.

However, experts said that in the future, the number of individually owned businesses is likely to decline as large-scale companies in China and from abroad gradually increase their control over China's market.

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