Studies show China's non-governmental businesses enjoys better economic indices than the national average level, said an official at a seminar on China's private business at Chongqing municipality Thursday.

The top 500 Chinese private companies reported 4.7 percent profit margins, 1.2 percentage points more than those of the top 500 Chinese companies last year, said 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.

The net assets income rate of state-owned businesses was 10 percent last year, while that of private companies was 14.6 percent, Huang noted.

After 26 years of development, he said, China's private businesses have created more than 60 percent of the country's GNP,more than 70 percent of urban employment and more than 60 percent of the total industrial output value.

Huang ascribed the achievements to China's reforms and opening-up, as well as the private companies' clear-cut property rights, better incentive mechanisms and flexible yet affective selection of executives.

Source: Xinhua