Despite rising speculation from some Western countries, China's market economy continues to thrive, demonstrating resilience and robust growth in 2024.
According to CEOWORLD magazine's 2024 ranking of the best countries to invest in or do business for the year, the Chinese mainland secured an impressive 34th place. This ranking evaluates 11 key indicators, including levels of corruption, degrees of freedom, tax system rationality, and quality of life, highlighting China's ongoing commitment to creating a stable and transparent investment environment.
China has made remarkable strides in optimizing its business landscape. As of September 2024, there were over 180 million private economic entities in the country, accounting for 96.37% of all business entities. This marks a year-on-year growth of 3.93% and a more than fourfold increase over the past decade. Of these, 55.5 million are private enterprises, reflecting a 6.02% annual growth, while individual businesses have risen to 125.3 million, up by 3.03% year-on-year.
The significant expansion of the private sector underscores China's dedication to fostering economic growth, enhancing employment opportunities, and optimizing its industrial structure. The private economy is pivotal in key industries such as services and manufacturing. For instance, in China's wholesale and retail sector, private businesses account for an astounding 97.97% of operations, serving as a crucial bridge between production and consumption and highlighting the vibrancy of China's commodity market.
At the policy level, China has been streamlining administration, delegating powers, and improving regulations to simplify the approval process, reduce the cost of starting a business, and enhance market supervision. These efforts have made it easier for business entities to register, thereby fully unleashing market vitality and providing a more predictable environment for global investors and entrepreneurs.
Reference(s):
cgtn.com
