This proportion is up from the 95.5 percent registered in 2019, the administration said, adding that China is now home to nearly 55.18 million private companies and over 125.27 million self-employed businesses.

China's private sector has played a key role in boosting the country's high-tech and emerging industries.

In the manufacturing sector, for example, private businesses currently account for 96.1 percent of the total manufacturing companies in China, up from 95.9 percent in 2019.

The share of private businesses in the scientific research and technical services sector has risen from 91.9 percent in 2019 to the current 94.4 percent.

China has long promoted the development of its private sector and has consistently pursued the creation of a market-oriented, law-based and international business environment.

Earlier this year, China announced that it had started drafting a law concerning the promotion of its private economy.