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Private Economy New Growth Point in Xinjiang
Private economy has been on the rise as a new economic growth point in today's Xinjiang. By the third quarter of 2000, private-run enterprises in Xinjiang numbered as many as 18,989, a 27 percent increase over the same period of the previous year. With a tax total of 1.3 billion yuan by the private sector in 1999, a tax amount of over 1.5 billion yuan has already been estimated by the region in 2000.
During the "9th Five-year Plan" period, taxes from individual economy hit a sum of over 20 percent of Xinjiang's revenue and these have become the chief financial source of the region.
Xinjiang has a population of as many as 800,000 in the private economic sector at present. Among these are included those of unemployed youth in cities, surplus laborers in rural areas, laid-off workers of SOE and collective enterprises, ex-servicemen and graduates of colleges and technical secondary schools.
From the rise and development of individual economy there has been developed many a varied forms of investments made. A share-holding economy has arisen and important changes have been made in the structure of ownership. Non-public-owned economy has increased from 0.2 percent at the beginning of the reform to the current 20 percent and this has thus promoted the progress of marketization and has come to develop as a major component of local economy in Xinjiang.
By PD Online staff member Deng Gang
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