MK socksbusy at a factory in the Luyang Economic Development Zone, in Hefei, capital of East China's Anhui Province, on September 10, 2024. The factory is developing precision quick-return mirrors for aerospace laser communications. Since the beginning of this year, the economic zone, together with some key universities in Hefei such as the University of Science and Technology of China and Hefei University of Technology, has seized opportunities to build industrial clusters around intelligent sensors. Photo: VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-09-10/11f0bd27-fc26-48db-b725-34b0e754c50d.jpeg" />

A technician is busy at a factory in the Luyang Economic Development Zone, in Hefei, capital of East China's Anhui Province, on September 10, 2024. The factory is developing precision quick-return mirrors for aerospace laser communications. Since the beginning of this year, the economic zone, together with some key universities in Hefei such as the University of Science and Technology of China and Hefei University of Technology, has seized opportunities to build industrial clusters around intelligent sensors. Photo: VCG

The number of private business entities in China reached approximately 181 million as of the end of September, accounting for 96.37 percent of the country's total business entities and marking a more than fourfold increase over the past decade, the Xinhua News Agency reported on Wednesday.

According to data released by the State Administration for Market Regulation, China has about 55.54 million private companies and more than 125 million self-employed businesses.

In China, many private business entities operate within the services sector, such as hospitality and catering, residential services and maintenance services, wholesale and retail, transport and warehousing. 

Wholesale and retail firms serve as a bridge connecting manufacturing and consumers, and thus the significant presence of private entities in this sector highlights the vitality of China's commodity market, according to the report.

Thanks to the country's policy support for new infrastructure, smart transport and logistics management, the logistics sector has also achieved notable development, it said.

China has actively promoted the private sector's development and continually strives to create a market-oriented, law-based and international business environment.

The Ministry of Justice and the National Development and Reform Commission in early October published a draft law on private sector promotion to solicit public opinion. The law was formulated in a bid to enhance the development environment for the private economy, ensure fair market competition for various types of economic entities, and support the sustainable growth of private businesses and entrepreneurs, according to the draft.

The draft is open for public comment until Friday.

Global Times