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Hi-tech private firms in China are booming
Updated: 2004-10-27 01:14

Private companies are new force in China's hi-tech sector, said Duan Yongji, president of China private company owners' association at an awards ceremony for excellent private entrepreneurs.

 Private businesses have been booming in recent years, and their number and economic strength in has continually increased, said Duan. Many of these new private companies deal with high-tech products and services.

By the end of 2003, private companies producing hi-tech products in China has reached more than 120,000, according to statistics from the association.

The private businesses in Guangzhou and Zhejiang, well- developed provinces in south and central China, account for two- thirds of the country's total hi-tech companies.

Duan said that in China's 53 new and hi-tech development zones, the number of private businesses make up more than 80 percent of the total.

Private firms in China have revenues of technological services reaching 171.9 billion yuan (about 20.7 billion US dollars) in 2003, up 26 percent from last year.

Duan said the assets of hi-tech private firms have snowballed rapidly. In 2003, there were 5,175 private hi-tech companies which registered an income of more than 100 million yuan (about 12 million dollars) each, 545 firms stood at 1 billion (120 million dollars) each, and more than 100 companies hit 10 billion yuan (1. 2 billion dollars) each.

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