Registered capital of private companies climb 39% to US$4t
Source: Xinhua |
January 12, 2012, Thursday
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Print Edition
Print Edition
A Chinese association representing private enterprises and individually-owned businesses announced yesterday that the number of registered private companies in China had topped 9 million as of the end of September, up an annual 14.9 percent.
Their total registered capital rose 38.6 percent to 25 trillion yuan (US$4 trillion), the All-China Federation of Industry and Commerce said in a report released yesterday.
By the end of September, there were over 36 million individually-owned businesses, up 8.5 percent, and their total registered capital rose 21.9 percent to 1.5 trillion yuan.
The non-public sector of the economy has become the largest among urban fixed-asset investors as its investment reached 14.2 trillion yuan in the first 10 months last year, accounting for 58.9 percent of the nation's total, said ACFIC Party Secretary Quan Zhezhu.
The private sector is also the major job provider in the world's second largest economy, creating around 80 percent of jobs in urban areas. Quan said the sector created more than 8 million jobs in the first nine months of last year. Individually-owned businesses also helped create more than 2 million jobs in the period.
"The private economy, especially the rapid growth of small- and medium-sized companies, has become the main source powering employment, the rise of wage-based income for both urban and rural residents, and improvement of people's livelihoods," Quan said in a keynote speech delivered at a conference on the development trend of the country's private economy.
The sector's growth was also marked by its fast-growing exports, which surged 33.3 percent annually in the first 11 months of last year to US$570 billion, accounting for one-third of the nation's total, Quan said.
China's customs authority said on Tuesday that the country's exports rose 20.3 percent annually to US$1.9 trillion in 2011. Export growth had slowed from a rise of 31.3 percent in 2010.
The ACFIC is a non-governmental chamber of commerce representing enterprises and individuals in the private sector.
However, challenges in credit borrowing, rising production costs and thin profits, heavy taxes, and worker recruitment remain, hampering the sector's development, Quan said.
"The biggest problem is the rising production costs. Companies, especially those small ones in manufacturing, have weak capabilities in addressing pressure from rising costs," Quan said.
Their total registered capital rose 38.6 percent to 25 trillion yuan (US$4 trillion), the All-China Federation of Industry and Commerce said in a report released yesterday.
By the end of September, there were over 36 million individually-owned businesses, up 8.5 percent, and their total registered capital rose 21.9 percent to 1.5 trillion yuan.
The non-public sector of the economy has become the largest among urban fixed-asset investors as its investment reached 14.2 trillion yuan in the first 10 months last year, accounting for 58.9 percent of the nation's total, said ACFIC Party Secretary Quan Zhezhu.
The private sector is also the major job provider in the world's second largest economy, creating around 80 percent of jobs in urban areas. Quan said the sector created more than 8 million jobs in the first nine months of last year. Individually-owned businesses also helped create more than 2 million jobs in the period.
"The private economy, especially the rapid growth of small- and medium-sized companies, has become the main source powering employment, the rise of wage-based income for both urban and rural residents, and improvement of people's livelihoods," Quan said in a keynote speech delivered at a conference on the development trend of the country's private economy.
The sector's growth was also marked by its fast-growing exports, which surged 33.3 percent annually in the first 11 months of last year to US$570 billion, accounting for one-third of the nation's total, Quan said.
China's customs authority said on Tuesday that the country's exports rose 20.3 percent annually to US$1.9 trillion in 2011. Export growth had slowed from a rise of 31.3 percent in 2010.
The ACFIC is a non-governmental chamber of commerce representing enterprises and individuals in the private sector.
However, challenges in credit borrowing, rising production costs and thin profits, heavy taxes, and worker recruitment remain, hampering the sector's development, Quan said.
"The biggest problem is the rising production costs. Companies, especially those small ones in manufacturing, have weak capabilities in addressing pressure from rising costs," Quan said.
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