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Trade trend -> China's economy section V

China's economy section V

Section V: Medium and Small-Sized

Enterprises and Privately-Run Enterprises

As the momentum of Chinas economic development grows continually, Chinas privately operated economies are thus in a period of great development and the civil enthusiasm for investment and venturing is reaching an all-time high. Statistics from the State Administration for Industry and Commerce have shown that as of the end of 2003 number of privately-run enterprises had increased by 570 thousand over last year, with an increase rate of 23%, and the total number of such enterprises has exceeded 3 million.

In recent years, there has come up a tendency that individual privately-operated economies are penetrating into and mixing with the economies of public ownership, promoting the formation of blended ownership. According to the 2002 survey of the private enterprises throughout China by All-China Federation for Industry and Commerce, 8.0% and 13.9% respectively of the privately-run enterprises have merged and purchased or are prepared to merger and purchase state-owned enterprises. 25.7% of the private enterprises were changed into private enterprises from original state-owned enterprises and collectively-owned enterprises through institutional reform. In addition, some private enterprises have participated in the stock of state-owned enterprises, including state-owned enterprises in civil aviation and financial fields. From this tendency we can see that the future blended economic compositions will go up significantly. General survey report by the National Statistical Bureau has also shown that development of Chinese private enterprises is heading toward the rising service sector. Private enterprises involved in rising consultation service, such as notarization, lawyer, accounting, auditing and statistics are developing rapidly. Number of such enterprises has scored an average annual growth rate of 115.3%; number of the private enterprises involved in applied service industry such as real estate, tourist industry and computer technology has also registered an average annual growth rate of 70% or so.


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