China’s individual and private businesses expand steadily [People’s Daily]

A very concise picture of China’s current “capitalist-roader” reformist socialism. I wonder what percentage of China’s total enterprises can be privatized (now at 70%) before socialism in China is truly a dead letter. – Zuo Shou

BEIJING, Oct. 5 (Xinhua) — 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.

Article link: http://english.people.com.cn/90778/7967883.html

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: