China's employment market has experienced a vibrant resurgence following the Spring Festival, with private enterprises playing a critical role in driving labor market growth.
The All-China Federation of Industry and Commerce recently published the \"China Private Enterprises Social Responsibility Report (2024)\", highlighting the ongoing role of private enterprises as a key stabilizer for employment. Based on data from 13,885 surveyed private enterprises and publicly available information from national authorities, the report provides a comprehensive analysis of the social responsibility performance of the country's private sector in 2023.
The report reveals that the number of private enterprises surpassed 53 million in 2023, accounting for 92.3% of all businesses nationwide. These enterprises created over 90% of the newly-added urban jobs, with the total number of employees in surveyed private companies reaching 5.7 million, marking a 9.5% increase in employment compared to the previous year.
In Guangdong Province, by the end of 2024, the total number of registered private economic entities reached 18.4 million, representing 96.5% of all business entities in the province. The local private sector contributed to over 50% of Guangdong's GDP, more than 60% of its trade volume, over 70% of its tax revenues, and over 80% of its technological innovation and employment.
On the first working day after the Spring Festival, Guangdong convened a provincial-level meeting, emphasizing high-quality development as the top priority for 2025. 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
