China's booming private sector is responsible for an estimated 33 per cent of the country's economic output, state-controlled media reported today, amid growing demands for better treatment from the communist-run government.
China's state-owned sector was responsible for an estimated 37 per cent of the nation's gross domstic production, while the other 30 per cent came from the agriculture sector and the collectively-owned economy, Xinhua news agency reported.
"China's private sector has developed from ths position of playing a minor role to being one of the major components of the 'socialist market economy'," the state-run news agency said.
Since the communist-led government allowed the private economy to develop in the early 1980s, the sector has boomed at an average growth rate of 20 per cent and played a crucial role in the nation's 9.5 per cent growth rate during the period, it said.
AFP