The number of private enterprises operating in China has more than quadrupled in the decade long-period since Xi Jinping took office, according to a new raft of government data.
China’s privately operated enterprises have increased in number from 10.857 million to 44.575 million in total during the period from 2012 to 2021, according to data released by the State Administration of Market Regulation (SAMR) on 22 March.
Private enterprises as a share of all enterprises in China increased from 79.4% to 92.1% across the decade long period.
2021 alone saw the establishment of 8.525 million new private enterprises, for a year-on-year rise of 11.7%.
Chinese government data further indicates that in recent years private enterprises in China have accounted for over 50% of tax contributions, over 60% of investment and more than 70% of patented innovations.
January 2022 saw the opening of China’s first privately invested share-controlled high-speed railway – the Hangzhou-Taizhou high-speed railway.
“More and more privately operated enterprises are successfully entering key industries and areas,” said the People’s Daily – the flagship newspaper of the Chinese Communist Party (CCP).
“They play an important role in terms of stabilising growth, driving innovation, increasing employment and improving living standards, and are becoming a major force for driving economic and social development.”