MNI Brief: China New Private Firms Up 15.3% In 2023

China’s private sector registered 7.1 million new firms during the first three quarters of the year, up 15.3%, according to a press release from the State Administration of Market Regulation on Tuesday.

The private sector now exceeds 52 million enterprises and accounts for 92.3% of the country's total, the administration added. Firms belonging to the “four new economy” made up 40% of those registered.

In September, Gao Yunlong, chairman of the All-China Federation of Industry and Commerce, defined the four new economy concept as a blueprint for Chinese modernisation which involves “new technology, new industry, new formats, and new models,”.

China’s private investment decreased by 0.6% during the first three quarters of this year, according to statistics released last month.

Policy advisors recently told MNI that next year government-led investment would continue to act as a growth driver alongside tax and fee cuts for small-and-medium enterprises and technology companies. (See: MNI: China Stimulus To Keep 2024 Growth Over 5%, Advisors Say - Bonds & Currency News | Market News)