State Administration for Market Regulation Photo: VCG

China's private sector showed strong resilience in the first quarter of 2025, with new business registrations rising steadily, according to a report released by the State Administration for Market Regulation on Monday.

In the first quarter, 1.979 million new private enterprises were registered, up 7.1 percent year-on-year and exceeding the average growth rate of the past three years. As of the end of March, the number of registered private enterprises surpassed 57 million, accounting for 92.3 percent of all businesses nationwide, according to the report.

New quality productive forces have become a highlight for China's private sector. In the first quarter, 836,000 new private firms were registered in the "four new economies" - new technologies, industries, business formats and models - accounting for more than 40 percent of new private enterprises.

Internet and modern information services posted the fastest growth at 18 percent. Digital economy firms reached 274,000, with the number of digital product services companies nearly 2.5 times higher than a year earlier. As of the end of March, China had 22.68 million private firms in the "four new" sectors, driving high-quality growth.

Through digital transformation, green and low-carbon initiatives, and global expansion, private enterprises are steadily enhancing their core competitiveness. In the first quarter, 94,000 new private firms were registered in next-generation information technology, 46,000 in high-end equipment manufacturing, 254,000 in artificial intelligence (AI) software development and more than 10,000 in the silver economy.

Private firms displayed vibrant growth in areas such as civil aviation, quantum information and humanoid robotics.

Self-employed businesses showed strong internal momentum, with 3.949 million new registrations -- 263,000 in the primary sector, 193,000 in the secondary sector and 3.493 million in the tertiary sector. As of the end of March, the number of self-employed businesses in the tertiary sector stood at 111 million, accounting for nearly 90 percent of the total.

As of the end of the first quarter, China had classified 64.38 million self-employed businesses as survival-type, accounting for 83.1 percent, with 10.04 million as growth-type, making up 13.0 percent, and another 3.04 million as development-type, representing 3.9 percent.

Additionally, 142,000 businesses were recognized as premium and innovative. This classification and targeted support have effectively guided policy implementation and fueled the growth of self-employed businesses.

The private sector serves as a major driver of China's economic growth, and the sector plays a pivotal role in employment, being a primary absorber of the labor force, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times in a previous interview.

Several structural factors are fueling the growth of China's private sector, Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Monday. The country's economic restructuring, the rise of high-tech industries and stronger innovation capacity have created fertile ground, with private firms driving breakthroughs in AI, robotics, big data and information technology thanks to their flexibility and innovation edge, Bian said.

He also noted that China's accelerated opening-up, particularly under the Belt and Road Initiative, has opened new markets for private enterprises. Many firms have expanded into Southeast Asia, Central Asia and Africa, showcasing strong adaptability in diverse environments.

In addition, "rising domestic demand for higher-quality and more diversified services is creating new opportunities. Private firms, with their agility and market sensitivity, are responding swiftly to emerging needs, while policy support, tax incentives and an improved business environment continue to bolster the sector's resilience," he said.

On February 17, when attending a symposium on private enterprises, Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, urged efforts to promote the healthy and high-quality development of the country's private sector.

The private sector enjoys broad prospects and great potential on the new journey in the new era. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities, Xi said.

Xi said the Party and the country are committed to unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the non-public sector. The Standing Committee of the 14th National People's Congress (NPC), China's top legislature, on February 24, held the first plenary session of its 14th meeting, during which lawmakers heard a report on revisions to a draft of the private economy promotion law, the Xinhua News Agency reported.

The second draft of the law further reflected the Communist Party of China Central Committee's requirements regarding the establishment of a high-level socialist market economy system and the optimization of the development environment for the private economy, according to Xinhua.

In a concerted drive, major Chinese cities such as Shanghai, Beijing and Shenzhen have announced measures to promote the private economy, in an enhanced bid to foster a more favorable business climate and bolster the confidence of private enterprises.

For example, the Shanghai municipal government held a press conference on Thursday to announce 26 new measures that benefit the development of the private economy. From now on, private companies will enjoy equal treatment in government procurement as do state-owned enterprises.

Bian stressed that while private enterprises are growing, they face challenges from external factors like geopolitical risks and US tariffs, which create export uncertainties. He also noted tightening financial conditions, which have exposed weaknesses in risk management and adaptability. "Improving financial resilience and international adaptability will be key for future growth," he emphasized.

According to the National Bureau of Statistics (NBS), the production and operation of private enterprises continued to improve in the first quarter. The added value of private enterprises above designated size in manufacturing increased by 7.3 percent year-on-year. Private-sector investment rose by 0.4 percent, the NBS reported.

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