Beijing, July 8: The businesses generated by private firms contribute more than 50 percent to China’s Gross Domestic Product (GDP), reports said.
“Private investment accounted for 57.7 percent of the country’s total investment in the first four months of this year, with State-owned and State-controlled investment taking 35.1 percent of the total,” Huang Mengfu, chairman of the All-China Industry and Commerce Federation was quoted, as saying by The China Daily.
Compared with the average level from 2003 to 2010, private investment from January to April in 2011 grew 22.5 percentage points, whilst governmental investment dropped 8.3 percentage points.
There are more than 40 million small- and medium-sized enterprises in China, and the number is expected to surpass 50 million by 2012, the report said. (ANI)