Exports of China's Private Enterprises Hit US$481B

Private enterprises in China exported goods worth US$481.3 billion in 2010, a 223 percent surge compared with 2005, reports the China Daily.

 

Citing a report by the All-China Federation of Industry & Commerce (ACFIC), the newspaper says the year-on-year increase on average has been 26 percent over the past five years.

 

According to the ACFIC report, overseas investment by China's private enterprises is no longer limited to economically underdeveloped regions, but has been extended to many other, more mature markets, such as North America, Europe, Japan and South Korea.

 

China's private enterprises tend to acquire overseas energy and mineral resources to meet growing domestic demand and purchase leading international brands to explore overseas markets.

 

According to the China Daily, private enterprises account for more than 74 percent of China's total enterprises. The number of private enterprises in China exceeds 8.4 million. Their registered capital has surpassed 19 trillion yuan ($2.8 trillion) with an average growth rate of 20.1 percent annually.

 

In an interview with the China Daily, Huang Mengfu, chairman of the ACFIC, warns that the private industry will come under greater pressures in the next five years as inflation increases, labor cost rises, and trade protection measures from foreign countries increase.

 

 

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