BEIJING, March 1 (Xinhua) -- Private economy contributed 81.4 percent to the provincial GDP growth in 2020, an increase of 20.5 percentage points from that in 2019, according to a report on private economy co-released by Jiangsu Federation of Industry & Commerce (JSFIC) and Jiangsu Bureau of Statistics.

Private individual entities showed eye-catching performance, achieving total added value of 5.4 trillion yuan throughout the year, a year-on-year increase of 6.3 percent, accounting for 52.5 percent of the province's GDP.

According to the report, added value of private economy in east China's Jiangsu province reached 5.8 trillion yuan in 2020, an increase of 5.3 percent year-on-year, 1.6 percentage points faster than GDP growth. It accounted for 56.8 percent of the province's GDP, an increase of 0.9 percent than that of 2019.

Added value of privately-owned industries above designated size increased by 7.7 percent year-on-year, accounting for 46.7 percent of the province's total above designated size industrial growth.

In 2020, the number of newly registered private enterprises in Jiangsu was 518,000, while the number of newly registered individual industrial and commercial households was 2.077 million, an increase of 6.0 percent and 59.4 percent respectively year-on-year, further boosting market vitality.