An average of 1,500 new privately-owned enterprises are added to the Chinese economic sector per day, with an increment registered capital of 3 billion yuan (about 361 million US dollars).

Huang Mengfu, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and president of the All-China Federation of Industry and Commerce, made the remark at a seminar on private business development Wednesday.

In 2003, approximately 570,000 new privately-owned enterprises were established, with a total registered capital worth 1 trillion yuan (about 120 billion US dollars), Huang said.

To date, the number of self-employed businesses has reached 32 million, and more than 7.7 million of them are involved in private economic sector, according to the relevant figures available.

The development of private economy has become a policy firmly pursued by the Communist Party of China and the Chinese government, Huang said, noting that both state-owned economy and privately-owned sectors are the basis of the national economy.

Source: Xinhua