Private sector grows despite downturn

GUANGZHOU: Despite all the negative impacts of the global financial crisis, private-sector business in this south China province has maintained strong momentum this year.

Citing statistics, Yang Jianchu, director of the provincial economic and trade commission of Guangdong, said that the private-sector economy, mostly consisting of SMEs, reported a growth of 15.2 percent in its industrial output in the January to July period of this year, much higher than the State-owned sector or foreign-funded sector.

The sector also saw a smaller decline in its foreign trade despite the severe challenges of the global economic recession.