China's Economic Giant Sees Faster Growth in Private Sector

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Last updated at: (Beijing Time) Saturday, May 24, 2003

China's Economic Giant Sees Faster Growth in Private Sector

Jiangsu Province, China's second largest economic powerhouse, reported faster economic growth in the private sector during the first four months of this year.

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Jiangsu Province, China's second largest economic powerhouse, reported faster economic growth in the private sector during the first four months of this year.

Figures released by the provincial Bureau of Commerce and Industry show the number of private firms in the eastern coastal province reached a record high of 303,000 by the end of April, ranking first among other provinces on the Chinese mainland.

Some 32,000 were set up in the four-month period, with a total registered capital of 24 billion yuan (three billion US dollars).

According to the bureau, the private firms, which contributed to 28.3 percent of the province's economy, have a combined registered capital of 256 billion yuan (31 billion US dollars) and 3.2 million employees on the payroll.

The private sector in Jiangsu invested a total of 76.27 billion yuan (9.3 billion US dollars) last year, up 45.3 percent year on year, or one fifth of the province's total.

The private sector also contributed to one eighth of the province's tax revenue, and provided 36.9 percent of the jobs in the province.

Private companies have begun to enter the fields of intermediate service, information, tourism, school, hospital, old folks' home, park and banking, from the industries of commerce, transportation and catering they were involved at the start-up period.

Bordering Shanghai, China's leading industrial and commercial center, Jiangsu ranks second economically on the mainland after Guangdong Province in south China.

Jiangsu was one of the three provinces on the mainland with a gross domestic product exceeding one trillion yuan (122 billion USdollars) last year.

The other two were Guangdong and Shandong provinces.

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