According to the State Administration for Market Regulation, the first three quarters of this year have seen the establishment of 7.065 million new private enterprises across China. This represents a 15.3% increase compared to the previous year, indicating the continued development and resilience of the private sector in the country.
At the end of September 2023, the total number of registered private enterprises in China exceeded 52 million, making up 92.3% of the total number of enterprises. The report also highlights balanced regional development, with all regions showing steady and positive growth. This includes the establishment of new private enterprises in the eastern, central, western, and northeastern regions showing year-on-year increases.
Furthermore, the data indicates that the industrial structure of private enterprises is being optimized, with the tertiary industry accounting for more than 80% of newly established private enterprises. This includes significant growth in industries such as accommodation and catering, leasing and business services, and wholesale and retail.
The report also underscores the importance of the “four new” economy, with 40% of the newly established private enterprises falling into this category. Additionally, individual industrial and commercial households have also seen growth, with a 11.7% increase in the number of newly established households in the first three quarters of this year.
Industries related to people’s livelihood have been particularly active, with millions of new households established in wholesale and retail, accommodation and catering, agriculture, and residential services. The report also highlights the optimization of the industrial structure, with the tertiary industry accounting for nearly 90% of the newly established individual industrial and commercial households.
Foreign-invested enterprises have also played a significant role in the dual economic cycles, with 684,000 foreign-invested enterprises registered nationwide. The report suggests that confidence in foreign-invested enterprises have continued to recover, with over 46,000 new foreign-invested enterprises established in the first three quarters of this year.
The report indicates that the faster recovery of the service industry, particularly in high-tech services, is a positive sign. Countries such as South Korea, the United States, and Japan remain top sources of foreign investment, while countries like Russia, Brazil, Canada, and Australia have shown rapid growth in the number of newly established foreign-invested enterprises.
Looking forward, the market supervision department aims to protect the legitimate rights and interests of all types of enterprises, including private enterprises, and promote high-quality development of individual industrial and commercial households in a market conducive to fair competition.