BEIJING -- China's economy is benefiting from more than 10 million private enterprises that are now established in the country, according to an industry federation leader on Friday.

As of September last year, more than 10.59 million private firms were registered in the country, an increase of 12.6 percent year-on-year, according to Wang Qinmin, chairman of the All-China Federation of Industry and Commerce.

On Friday, the federation released a report on private enterprises in the country.

According to the report, the registered capital of the enterprises has reached 29.8 trillion yuan ($4.7 trillion), marking a year-on-year rise of 21.3 percent.

The average registered capital of each firm also grew by 7.8 percent year-on-year, indicating the strength of these businesses, the report said.

The report said the number of registered individual businesses reached 39.85 million as of last September, and it estimated that it topped 40 million by the end of 2012. Registered capital increased by 21.2 percent.

The private businesses have made a remarkable contribution to the country's economy, as they accounted for over 60 percent of the total gross domestic product in China last year, the report said.

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