China's private sector sees marginal improvements in Q1-Q3: official

BEIJING, Nov. 13 (Xinhua) -- China's private sector posted marginal improvements in the first three quarters of 2023 amid steady recovery of the macro economy, an official with the country's top economic planner told the China Economic Roundtable hosted by Xinhua News Agency.

In the first nine months of this year, China's private sector saw faster growth in secondary industry investment, steady industrial output and rapid foreign trade expansion, Wei Dong, head of the bureau for private economy development under the National Development and Reform Commission.

Growth of value-added industrial output of China's major private enterprises steadied at 3.3 percent year on year in September, roughly flat with the 3.4 percent registered in August, Wei said.

He highlighted that the private sector has been a "stabilizer" for China's foreign trade, pointing out that its yuan-denominated imports and exports climbed 6.1 percent year on year in the first three quarters, accounting for 53.1 percent of the total.

In particular, both import and export growth of private businesses outpaced the headline levels, Wei said.

China Economic Roundtable is an all-media talk platform launched by Xinhua, with the second episode featuring the Chinese private economy.