China’s private firms rising to prominence in past 70 years
China’s private enterprises have grown fast in the past seven decades, achieving a prominent role in the economy, official data has shown on Monday.
According to China’s National Bureau of Statistics, the country only had 443,000 private enterprises in 1996, and the number soared to 14.369 million in 2017, registering an average annual growth of 18 per cent.
Private enterprises now take the lion’s share of the country’s companies, accounting for nearly 80 per cent in 2017, up from only 16.9 per cent in 1996.
China was home to about 4.40 million legal entities in 1996 and the number surged to about 22 million in 2017, expanding about eight per cent each year on average.
The report of the Bureau of Statistics, however, showed that the growth pace accelerated during the 2012-2017 period to reach 15.7 per cent on average annually.