More than 90% of all market entities in China are private enterprises, making up 56.8% of foreign trade and 60% of China’s GDP.
Now China has introduced a new law to protect and promote the private sector, in line with the treatment of state-owned firms.
Now China has introduced a new law to protect and promote the private sector, in line with the treatment of state-owned firms.
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NewsTranscript
00:00The private sector is an important part of China's economy, helping it grow sustainably
00:05and compete globally. More than 90% of all market entities in China are private enterprises,
00:12making up 56.8% of foreign trade and 60% of China's GDP. The private sector is the backbone
00:20of China's innovation ecosystem, contributing to more than 70% of the nation's technological
00:26breakthroughs and advancements. And they drive employment, making up 80% of the urban workforce
00:33and 90% of new jobs. But while the government supports all that, the private sector faces
00:39challenges that state-owned initiatives often don't, including financing constraints, regulatory
00:45hurdles and a shortage of talent. Now, China has introduced a new law to protect and promote the
00:52private sector in line with the treatment of state-owned firms. The goal is to foster a stable
00:58and predictable business environment for all that encourages investment and growth.