SAMR: Private Сompanies Account for 92% of Business Entities in China

SAMR: Private Сompanies Account for 92% of Business Entities in China
Photo: 16.11.2023 368

The number of Chinese private companies in the country is growing despite difficulties in the international environment and economy, SAMR said.

The number of registered private companies nationwide reached more than 52 million by the end of September, accounting for 92.3 percent of total enterprises registered in China, the State Administration for Market Regulation (SAMR) said Tuesday.

The development resilience of China's private enterprises continues to be evident in the context of a complex international environment and mounting downward pressure on the domestic economy, the SAMR said.

Some 7.07 million new private companies were established during the January-September period, up 15.3 percent year on year, the SAMR added.

The SAMR data also showed that some 17.2 million individual businesses were newly established nationwide in the first three quarters, up 11.7 percent year on year.

In early August, China published 28 measures to support private business. The authorities promised private companies to ensure fair access to participation in major national projects and technological developments, increase financial support, strengthen legal protection of private business, etc. 

The issue of competition development was mentioned in the document so far only at the program level. In particular, it was instructed to treat all companies equally, to strengthen antimonopoly law enforcement aimed at curbing abuse of dominant position, not to force cooperation with selected suppliers of goods and services, to regularly publish "negative" lists of actions for interference in market activities, to fight local protectionism, market sharing, forced transactions, etc., and to ensure that the government does not impose any restrictions on competition. 



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