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Private sector boosts Tibet's economy

Xinhua, February 11, 2015 Adjust font size:

Private businesses have effectively driven economic growth in southwest China's Tibet Autonomous Region by creating employment opportunities and tax revenue in 2014.

Some 712,200 people were recruited by the private sector in Tibet last year, a year on year increase of 12.27 percent.

Private enterprises, which converge in the service sector, such as catering and retail, contributed 15.1 billion yuan (2.4 billion U.S. dollars) in tax revenue to the government, 90 percent of the total.

Last year, Tibet's private sector saw 33.91 percent expansion, with 17,700 enterprises registered by the end of 2014 thanks to wider market access and lower start up costs. The local government has also streamlined approval procedures and improved market services.

"Private businesses have not only optimized Tibet's industry structure, but also created more jobs here," said Li Yingchun, head of the regional bureau of industry and commerce. Endi