Why can’t China deny the contributions of the Non-State-Operated Economic?

During the 40 years of Chinese economic reform, the proportion of individual enterprises in newly added enterprises has skyrocketed from 0.21% to 65.67%, and that of state-owned and collective enterprises has fallen from 81.95% to 0.14%.

Reporter | Yinfeng Li, Miao He
Editor | Chen Chen

2018 is the 40th anniversary of China's economic reform (literally 'reform and opening-up’). In the past 40 years, the private economy has developed rapidly. According to China Private Enterprise Development Research Report, in recent years, private enterprises have contributed more than 60% of China's GDP, provided 80% of urban jobs, absorbed over 70% of rural labor transfer, and offered 90% of new jobs in private enterprises. Meanwhile, All-China Federation of Industry and Commerce data shows the contribution rate of private enterprises to China's tax revenue in 2017 exceeded 50%.

Number of enterprises: from 200 thousand to 140 million

In 1978, there were only approximately 200,000 enterprises in China. After 40 years, the total number of enterprises increases to 140 million. The growth peak appeared in 1989,in which the number of enterprises increased by 59.15%. The growth rate of enterprises in the past ten years remained at about 14%.

The boom of individual enterprises

In 1978, state-owned and collective enterprises accounted for 9.00% and 72.95% of the all newly created enterprises, respectively. By contrast, the proportion of individual enterprises was 0.21%.

1990s was the turning point. In 1990, the proportion of collective enterprises in newly added enterprises started to fall sharply; while that of individual enterprises rose rapidly. With the return of Hong Kong in 1997, the proportion of individual enterprises in newly added enterprises exceeded that of the combined state-owned and collective enterprises for the first time, and this gap continued to widen.

In 2017, the proportion of individual enterprises climbed to 65.67%, while that of state-owned and collective enterprises fell to 0.10% and 0.04% respectively.

The younger, the richer

In 1978, for more than 70% new Chinese companies,their registered capital was below 1 million yuan. Since 1990, the capitals invested by “post-90s” enterprises has increased.

4 out of 10 new companies are in wholesale and retail industry

In terms of industrial structure, in 1985, the added value of China's tertiary industry reached 267.07 billion yuan, surpassing that of the primary industry for the first time. In 2012, the added value of the service sector reached 24.48 trillion yuan, surpassing that of the secondary industry for the first time. The industrial structure of China keeps upgrading.

Also, the industry distribution is changing. In the past 40 years, the top three growing industries in new enterprises were hotel and catering, leasing and business services, as well as agriculture, forestry, animal husbandry and fishery industries. On the contrary, manufacturing, mining, transportation and warehousing and postal service were in decline.

Among the newly added enterprises in 1978, wholesale and retail trade as well as manufacturing enterprises accounted for 40.67% and 37.68%, respectively, ranking the top two. In 2017, among the newly added enterprises, wholesale and retail enterprises accounted for 44.29%, remaining the first. However, the proportion of manufacturing companies has declined since 1991 and it was eventually surpassed by that of the hotel and catering, as well as leasing and business services in 2014 and 2015.

From 1978 to 2017, among the new enterprises, the number of enterprises in the real estate industry elevated from 0.18% to 1.40%, and that of enterprises in the information transmission, software and information technology service industries increased from 0.32% to 2.58%.

Guangdong has remained the top for 27 years

In the 40 years of economic reform, China has established seven special economic zones. In April 1979, China opened the “Export Special Zone” for the first time (later renamed “Special Economic Zone”) and copied the trials in Shenzhen, Zhuhai, Shantou and Xiamen. After the establishment of the Hainan Special Economic Zone in 1988, special economic zones were set up in Horgos and Kashgar as well in 2010.

From the aspect of geographical distribution, the number of enterprises in Guangdong remained the most in China for 27 consecutive years. In 2017, Guangdong's annual GDP reached 8.99 trillion yuan, ranking the first in China for the 29th consecutive year. The number of enterprises in Jiangsu, Zhejiang, Shanghai and Shandong shared the other top four in the country. It shows that the number and growth rate of enterprises in coastal areas are generally higher than those in inland areas.

Some areas go forward, and some lag behind. For example, the number of enterprises in Liaoning once hit the third in 1978, but with the growth slowed down after 2000, the province fall out of top ten in 2012. In 2017, Liaoning re-entered the top ten.

From these numbers, we could see the change of Chinese enterprises,and  also the history of China's reform and opening-up. Without doubt, the rapid growth of the private economy stimulates the market and plays a positive role in China's development.

来源:界面新闻

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