Beijing, November 19:

China now has more than 5.5 million private enterprises, state media reported on Monday,

suggesting they are further consolidating their position in the officially socialist economy.

The figure, taken at the end of June, was released by the All-China Federation of Industry and Commerce (ACFIC), the China Daily reported.

Private enterprises in China are defined as companies in private hands with at least eight employees. In recent years economic liberalisation has fueled Chinese growth.