Guangdong private businesses biggest GDP contributors

Private businesses played an increasing role in Guangdong's economy last year, generating more than half of the province's GDP, according to an official.

"Private economy took a leading position in Guangdong's overall economic development, growing rapidly in exports and industrial transformation," Yao Dehong, director of Guangdong Provincial Bureau of Small and Medium-sized Enterprises, said.

Private businesses, of which most are small and medium-sized enterprises, generated 53.6 percent of Guangdong's GDP in 2016, one of the largest economies in South China, according to Yao.

The value of Guangdong-based private businesses grew 7.8 percent year-on-year to 4.25 trillion yuan ($618 billion)?in 2016.

"Private businesses also created more than 80 percent of new jobs in Guangdong, with more investment pouring into emerging industries including equipment manufacturing, electronics and telecommunication and medical facilities," Yao said.

Yao made the remarks during a forum focusing on cooperation between Chinese SMEs and their Japanese counterparts last week.

According to Yao, private enterprises exported goods worth of 1.75 trillion yuan in 2016, a year-on-year increase of 8.1 percent.