Southwest China's Xizang Autonomous Region was home to 523,900 private sector entities at the end of the third quarter of 2024, making up 97.4 percent of the region's total business entities, said local authorities.

The tax revenue of Xizang's private sector was 22.49 billion yuan (about $3.13 billion) during the period, accounting for about 76.3 percent of the region's total. Private entities also provided more than 80 percent of jobs in the whole region, according to the Xizang Regional Federation of Industry and Commerce.

The private sector of Xizang has been expanding. In 1978, the year China began to reform and open up, there were just 53 registered private businesses in the region. The number increased to nearly 120,000 in 2012 and jumped to 486,500 in 2023.

From 2019 to 2023, the region's private sector contributed to over 35 percent of economic output and more than 80 percent of tax revenue, and provided over 80 percent of employment, according to the federation.

Private businesses have contributed greatly to the region's economic development, scientific and technological development, and the improvement of people's livelihoods and well-being.

This year, 858 private enterprises assisted nearly 1,000 villages, with funds reaching 840 million yuan.