The number of private business entities in China had exceeded 180.86 million by the end of September 2024, accounting for 96.37 percent of the country's total business entities, the State Administration for Market Regulation said Wednesday.

Of the total, 55.54 million were private companies while over 125.32 million were self-employed businesses.

A large number of private business entities are engaged in the services sector -- in categories such as accommodation and catering, resident services, wholesale and retail trade, as well as transportation, storage and postal services, the administration revealed.

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.

In October, China published a draft law on private sector promotion to solicit public opinion. The draft of the private sector promotion law is open for public comment until Nov. 8.