Private companies become industry mainstay in Zhejiang

The private sectors have risen to become the mainstay of manufacturing and building industries in east China's Zhejiang, with their employees outnumbering the state-owned companies, according to the latest economic survey.

According to the survey, as of the end of 2004, Zhejiang has 139,400 private companies in the field of manufacturing industry, accounting for more than three quarters of the province's total and create jobs for 4.82 million people.

The province also sees 5,583 private companies in building industry, about 70 percent of the total.

The survey said that as of the end of 2004, Zhejiang has 189,600 industrial companies or enterprises, accounting for 13.1 percent of China's total, with an employment of 8.94 million people.

Source: Xinhua