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| Private Sector Driving China's Economic Growth |
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China's private sector is driving the nation's growth and can be strengthened further, said a report released Friday by the Organization of Economic Cooperation and Development (OECD).
The scope of private ownership has become substantial in China, producing well over half of the gross domestic product and an overwhelming share of exports, said the report, the OECD's first China Economic Survey.
Private companies generate most new jobs and are improving the productivity and profitability of the whole economy, said the report.
According to the report, the performance of the private sector could be strengthened more through a further modernization of the business framework and better enforcement of laws in the economic sphere, especially those for intellectual property rights.
The growing importance of the private sector in supporting the economy makes it all the more important to further modernize the legal framework for business, said the report.
(Xinhua News Agency September 16, 2005)
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