Number of private enterprises in China tops 57M by March

This photo taken from Jingshan Hill on Aug. 12, 2024 shows the skyscrapers of the central business district (CBD) on a sunny day in Beijing, capital of China. [Photo/Xinhua]

Private enterprises in China continued to expand steadily, amid government efforts to spur growth in both the private sector and the broader economy, data from the top market regulator showed Monday.

The number of private enterprises in the country exceeded 57 million by the end of March, accounting for 92.3 percent of all businesses nationwide, according to data from the State Administration for Market Regulation (SAMR).

In the first quarter, 1.979 million private companies were established, marking an increase of 7.1 percent from a year ago and outpacing the average growth recorded over the past three years, the SAMR said.

Over 40 percent of the newly-established private firms during the January-March period were related to new technologies, products, business forms and models, SAMR data showed.

The number of private enterprises in internet and information technology services grew the fastest, increasing by 18 percent from a year ago.

In particular, the digital economy sector saw the addition of 274,000 new private enterprises in the first quarter, accounting for 13.9 percent of all newly-registered private businesses.

Through digital transformation, low-carbon initiatives and global development, China's private sector has strengthened its competitive edge and unleashed a surge of innovation, the market regulator noted.

The private sector has become a prominent part of the country's economy, driving innovation, employment and overall economic growth.

In February, China hosted a high-level symposium on private enterprises, signaling strong support for private businesses.

In the government work report unveiled last month, the country has pledged to take solid steps to implement laws, regulations and policies related to the private economy, while also engaging in regular communication with enterprises to help resolve their practical challenges and concerns.

China is also advancing the private economy promotion law to dismantle barriers, unlock the sector's full potential, and foster a fairer and more dynamic business environment.