Individually-owned businesses grew steadily at 4.4 percent annually, while private enterprises achieved an annual growth rate of 15.5 percent from 2002 to 2012, according to the data released by the State Administration for Industry and Commerce (SAIC).
Private enterprises currently account for over 70 percent of China’s total enterprises. Together with individually-owned businesses, they contribute to more than 60 percent of the country’s GDP, the data show.
Meanwhile, together, they provide 80 percent of jobs nationwide, and 90 percent of new jobs are from the private sector, according to the data.
Ma Fu, head of the private economy regulation department under the SAIC, said that reforms to improve the market system and create a fair competition environment over the years have contributed to the rapid and steady growth of the nation’s individual and private businesses during the past decade.