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Private Sector indispensable to Economy and Job Provision

The private sector of Beijing's economy now provides 53 percent of jobs in the city, at the same time attracting better qualified and more highly skilled staff than does the public sector. The private sector also emulates public enterprises in the depth of its talents and their skill levels. Analysts said this sector had thus become indispensable in providing jobs.

According to incomplete statistics, Beijing collected about 3.12 billion yuan (US$376 million) in tax from private enterprises and the self-employed during the first half of this year, accounting for 11 percent of municipal revenue. Figures also show that an average two-to-three new businesses are established each day by Chinese returning from overseas to enter business in Zhongguancun, China's"Silicon Valley"in north Beijing. At latest count, the area has 16,000 private scientific and technological companies, employing more than 400,000 people.