China’s top leaders have vowed consistent support for the fast-growing private sector, which has been crucial in generating new jobs, fostering technical advancements, and stabilising economic growth, in order to help the economy recover from COVID-19.
At the Central Economic Work Conference, which was convened in the middle of December to determine the country’s top economic priorities for 2023, it was emphasised that private businesses should be treated equally and that their property rights and business interests should be protected by the law.
The conference encouraged more private capital to engage in the development of important national projects and hoped for an overall improvement in the economy and strong momentum from the market conference the following year.
Despite the difficulties caused by COVID-19, the private economy has continued to expand rapidly. The number of Chinese private enterprises expanded from 35.2 million to 47.0 million between January 2020 and August 2022. They made up 92.1% of all businesses in 2021.
In 2021, the private sector was responsible for more than 60% of GDP, 48.6% of international commerce, 56.5% of fixed asset investment, 59.6% of tax income, more than 70% of technological advancements, and more than 80% of urban employment.

Source: Prnewswire