But private firms are significantly more labor-intensive than SOEs – which use almost four times as much capital – and thus have been responsible for most of China’s job creation in recent decades. With average employment growth of 10.4% per year, the formal private sector partly compensated for the SOE layoffs from 1995 to 2004.
但是，民营企业的劳动密集程度明显高于国有企业—— 而国有企业占用的资本是民营企业的几乎四倍之多—— 因此近十年来一直担负着中国大部分的就业机会。随着每年10.4％的平均就业增长，正规私营部门在1995年至2004年间一定程度上弥补了国有企业裁员。非正规私营部门增长更快，年增长率达24％，但这是建立在基数较低的基础上的。