Number of China's registered private enterprises exceeds 50 million

(ECNS) -- The number of registered private enterprises in China exceeded 50 million in early April 2023 and reached about 50.93 million by the end of May, an increase of 3.7 times compared with the end of 2012, or about 10.59 million, China’s State Administration for Market Regulation (SAMR) said on Sunday.

The proportion of private enterprises in all types of enterprises has grown from 79.4 percent to 92.4 percent, with their importance and role in economic development further enhanced, said the SAMR.

Since the beginning of this year, private enterprises in China have recovered well, showing strong resilience and vitality, the regulator said.

In the first five months, about 3.76 million private enterprises have registered nationwide, up 17.2percent year on year, and 6.5 percentage points faster than the growth rate in the first quarter. In the same period, the country has deregistered about 1.61 million private enterprises, a year-on-year increase of 1.43 percent.

The number of newly registered enterprises in China's central and western regions have reached 10.51 million and 9.79 million respectively by the end of May, accounting for 20.6 and 19.2 percent of the total, with the proportion increasing, reflecting a more balanced development trend across various regions, while in eastern and northeastern China there were 28.2 million and 2.4 million respectively, accounting for 55.4 and 4.7 percent of the total.

The industrial structure has been continuously optimized. By the end of May, the number of private enterprises in the primary, secondary and tertiary industries was about 1.78 million, 10.32 million, and 38.83 million respectively, accounting for 3.5 percent, 20.3percent and 76.2percent respectively. A total of 69,000 private enterprises established this year are mainly concentrated on wholesale and retail, leasing and commercial services, scientific research and technical services.

In addition, the “four new economies”, namely new technologies, new industries, new formats, and new models, are gaining momentum now. By the end of May, private enterprises engaged in these new economies had surpassed 25 million, with newly established enterprises from January to May reaching 2.15 million, accounting for 57.1 percent of the newly established private enterprises.