China's Private Sector Becoming Increasingly ProsperousPrivate companies in China had an averaged registered capital of 681,800 yuan at the end of last year, according to an international forum now in session here,.Nationwide there were 9,180 private companies each with a registered capital of more than 10 million yuan as well as 1,689 private company groups, delegates to the forum said. In 1999, the private sector turned out goods worth 768.6 billion yuan, and had a total turnover of 714.94 billion yuan and a combined retail sales of 419.14 billion yuan. The figures represented an increase of 31.31 percent, 34.29 percent and 37 percent from the previous year, respectively. A total of 8,363 private companies exported goods valued at 35.98 billion yuan in 1999. Delegates noted that individually --run industrial and commercial firms have been flourishing Since China initiated the reform and opening-up drive in 1979. At the end of last year, China had 31.6 million such firms employing a total of 62.41 million people and with a total registered capital of 343.92 billion yuan. So far, 1.72 million farmers across the country have applied to administrations for industry and commerce for licenses, with a combined registered capital of 14.92 billion yuan. |
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