China's individually-owned businesses and private enterprises have seen a boom in recent years, becoming key contributors to the country's economic growth, the State Administration for Industry and Commerce (SAIC) said Tuesday.

By the end of September, the number of individually-owned businesses had reached 39.85 million, marking an annual growth rate of 45.3 percent from 2007, the SAIC said.[Hong Kong Company Formation & Registration]

Meanwhile, the number of private enterprises expanded to 10.6 million by the end of September, achieving an annual growth rate of 76.1 percent from 2007, according to the administration.

In terms of capital, individually-owned businesses have seen total capital surge by 155 percent since 2007, while capital among private enterprises jumped 217 percent during the same period, the administration said.

Individually-owned businesses and private enterprises have become important sources for the country's economic growth, fiscal revenue and employment, the administration said.[company registration in Hong Kong, Hong Kong company incorporation]

Together, they contribute more than 60 percent of the country's gross domestic product and more than 50 percent of taxes, it said.

More than 80 percent of jobs in urban areas and over 90 percent of new jobs nationwide come from the two sectors, it added.