China has 40.6 million private businesses

The number of individually owned businesses and private enterprises in China exceeded 40.6 million at the end of January, state-run news agency Xinhua reported the State Administration for Industry and Commerce as saying Sunday.

Those businesses provide jobs for about 80 million people and report two trillion yuan ($321 billion) in capital, Xinhua reported.

Ninety% of the individually owned concerns are in the services sector, 8% are in secondary industry and 2% are in primary industry.

Half of the businesses are located in the eastern regions, 30% are based in the central regions and 20% in the western areas.

Individually owned businesses and private enterprises have been growing rapidly into a key source of China's economic growth, fiscal revenue and employment, Xinhua said.

The country registered only 140,000 such private businesses in 1978 before the number hit 31.6 million 1999. The SAIC started clearing the "dead" members in counting from 2000 on.

The number of such businesses hit a low of 23.5 million in 2004, but started to grow again rapidly.


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