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the number of private companies has quadrupled in ten years

The number of Chinese private enterprises has quadrupled over the past decade amid efforts to improve the business environment, the country’s top economic planning body said on Tuesday.

China’s private enterprises grew from 10.85 million in 2012 to 44.57 million last year, Su Wei, deputy secretary-general of the National Development and Reform Commission, told a press conference.

Su attributed the expansion of private enterprises to the improved non-public sector business environment, as the country vigorously boosted the development of various economic entities over the decade.

China has long attached great importance to the private economy, encouraging it to play a greater role in stabilizing growth and employment and promoting structural adjustment and innovation.

The private sector contributes more than 50% to tax revenues, more than 60% to GDP and more than 70% to technological innovations. It also provides over 80% of urban jobs and accounts for over 90% of business entities in China.

Stressing that cultivating high-quality market entities is one of the goals of future reform, Su noted that China will strengthen the structural reform of private enterprises, support and guide the sound and well-regulated development of capital, and develop a group of world-class companies.

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