The employment landscape in the Chinese mainland has witnessed a vibrant resurgence following the Spring Festival, with private enterprises at the forefront of this growth.
The All-China Federation of Industry and Commerce recently released the \"China Private Enterprises Social Responsibility Report (2024),\" emphasizing the pivotal role of private businesses in stabilizing the labor market. Based on data from 13,885 surveyed private enterprises and information from national authorities, the report offers a comprehensive analysis of the private sector's social responsibility performance in 2023.
In 2023, the number of private enterprises exceeded 53 million, representing 92.3 percent of all businesses nationwide. These enterprises were responsible for creating over 90 percent of the newly-added urban jobs. Additionally, the total number of employees in the surveyed private companies reached 5.7 million, marking a 9.5 percent increase in employment compared to the previous year.
Focusing on Guangdong Province, by the end of 2024, the total number of registered private economic entities reached 18.4 million, accounting for 96.5 percent of all business entities in the province. The private sector in Guangdong contributed more than 50 percent to the province's GDP, over 60 percent to its trade volume, over 70 percent to its tax revenues, and more than 80 percent to its technological innovation and employment.
On the first working day after the Spring Festival, Guangdong held a provincial-level meeting prioritizing high-quality development for 2025. In line with these goals, the Guangdong Provincial Development and Reform Commission officially established a bureau of private economic development to further advance employment initiatives.
Reference(s):
Private sector fuels employment growth in China's Greater Bay Area
cgtn.com
