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Another 50,000 Added to Private Business In Zhejiang
The coastal province of Zhejiang, which is noted for its booming private industries, saw another 50, 000 businesses added to the stream last year, local sources said Friday.
Once only playing a negligible role in the provincial economy, private industry has developed into a significant part by slicing up one-third of the total economic strength in the province.
Private businesses in the province hit 146,400 in number last year, employing some 1.9 million employees.
The implementation of the law on private enterprises, in addition to permission from the state on participation of private capital in banks, has sped up the development of private businesses in the country.
Besides, private entrepreneurs are encouraged to participate in the restructuring, purchase and merging of state-owned enterprises. Statistics show that at least 1,400 private businesses so far have done well by "swallowing" some old-brand state-owned enterprises.
Moreover, the issuing of laws and regulations to safeguard the interests of private businesses and to ensure them fair competition has helped many enterprises to acknowledge their true identity as private ones.
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