Private companies in China have continued their regular growth thanks to the government’s efforts to boost the private sector and stimulate the entire economy, according to data published on Monday by the highest market regulator.
The number of private companies in China exceeded 57 million at the end of March, representing 92.3% of the total, according to data published by the National Administration of Market Regulation.
During the first quarter, the number of private companies newly created in the country reached 1.979 million, marking an increase of 7.1% in annual shift and exceeding the average growth rate of the last three years, according to the administration.
More than 40% of newly created private companies during the January-March period focused on new technologies, new products, new forms and new models of activity.
The number of private internet service and information technology companies has recorded the fastest growth, with an increase of 18% over a year.
In particular, the digital economy sector saw the arrival of 274,000 new private companies during the first quarter, representing 13.9% of all newly registered private companies.
Supported by digital transformation, low carbon issues and global development, the Chinese private sector has strengthened its competitiveness and stimulated a wave of innovation, underlined the market regulator.
The private sector is today an essential pillar of the country’s economy, playing a major role in innovation, employment and global economic growth.
In February, China organized a high -level symposium on private companies, thus testifying to its solid support for private companies.
In the government’s activity report revealed last month, the country has committed to taking energetic measures to implement the laws, regulations and policies related to the private economy, while maintaining regular communication with companies to help them resolve their practical challenges and concerns.
China is continuing to develop a law on the promotion of the private economy in order to remove obstacles, release all the potential of the sector and promote a more equitable and more dynamic trade environment.
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