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English definition of “private enterprise”

private enterprise

noun     ECONOMICS
[U] the economic system that is based on the principle of companies being owned privately, rather than by the government: The relationship between private enterprise and local government has been a basic feature of China's swift development.
[C] a company that is not owned by the government: public and private enterprises Foreign-trading rights have now been extended to many private enterprises.
→ Compare public enterprise
(Definition of private enterprise noun from the Cambridge Business English Dictionary © Cambridge University Press)
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