China pvt sector grows 40 million strong

Private sector has emerged as a force to reckon with in Communist China,generating over 160 million jobs in the last five years and even came to the aid of state-owned companies by absorbing about 8 million workers laid off by them.

China’s private sector posted a rapid growth in the last five years with the numbers of individual business increasing to 40 million,providing jobs to over 160 million,according to China’s State Administration for Industry & Commerce,(CSAIC) said.

Registering robust growth during the 11th Five-Year period (2006-2010),private sector has also employed about 7.87 million workers laid off from state-owned or collective enterprises in the past five years,it said.

CSIAIC figures quoted by the official Xinhua news agency said,the Individually-operated businesses top 34.07 million,involving 1.27 trillion yuan (USD 193.01 billion) of registered capital and 69.