China's private sector now contributes more than 60% of the country's GDP growth and pulls in more than half of national fiscal revenue, said Gao Yunlong, head of the All-China Federation of Industry and Commerce, in a March 6 China Daily report.
More than 60% of China's fixed-asset investment and outbound investment were made by private investors, said Gao at a press briefing on the sidelines of the first session of the 13th National Committee of the Chinese People's Political Consultative Conference.
Private businesses have provided more than 80% of jobs and contributed more than 70% of technological innovation and new products in the country, said Gao. He said more than 90% of new jobs were created by private businesses.
As of the end of 2017, there were 65.8 million individually owned businesses and 27.3 million private enterprises in China, employing about 340 million people, China Daily said.
China's private investment grew 6% year over year to 38.2 trillion yuan in 2017, official data showed.
As of March 6, US$1 was equivalent to 6.31 Chinese yuan.
