Private economy drives economic growth
Last year, China reiterated that it respects the role the private economy has played in the country’s economic development and its contribution to national prosperity.
At a meeting on Nov 1, Xi Jinping, general secretary of the Central Committee of the Communist Party of China, said it is the Party’s consistent policy to support the development of the private economy, and that it will be maintained.
The private economy is acknowledged as an important part of the socialist market economy and is an important basis for the country’s economic and social development.
By the end of last year, there were more than 27 million private businesses in China.
They accounted for 50 percent of tax revenues, 60 percent of GDP, more than 70 percent of technological innovations and more than 80 percent of urban employment.