Economy

China's private sector employs 160m people

(Xinhua)
Updated: 2011-02-05 10:40

BEIJING -- China's private sector now provides more than 160 million jobs, according to the State Administration for Industry & Commerce.

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The country registered about 40 million private businesses amidst robust growth during the 11th Five-Year period (2006-2010).

Further, the private sector has employed about 7.87 million workers laid off from state-owned or collective enterprises in the past five years.

Individually-operated businesses top 34.07 million, involving 1.27 trillion yuan ($193.01 billion) of registered capital and 69.82 million employees.

Of note, private enterprises topped 8.19 million with 17.73 trillion yuan of registered capital and 91.83 million employees, according to the administration.