‘New social stratum’ playing important role in China – Xinhua

From Xinhua:

The Chinese government has publicly praised the contribution of private entrepreneurs, small-business owners and managerial-level staff in private or foreign-funded enterprises to the country’s economic development.

It considers 50 million such professionals as members of a “new social stratum”, who possess or manage capital totaling 10 trillion yuan (about US$1.3 trillion).

“This ‘new social stratum’ accounts for more than half of the country’s technical patents, contributes nearly one third of the country’s total tax revenues and provides jobs for more than half of the total number of job-seekers each year,” Chen Xiqing, deputy head of the United Front Work Department of the Communist Party of China (CPC) Central Committee told the People’s Daily. [Full Text]

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