Chongqing - As the first national-level development and open area in inland China, Chongqing's Liangjiang New Area recognizes the private sector's crucial role in driving economic growth. It witnessed the launch of the Private Sector High-quality Advancement Conference on October 10, attended by 290 representatives from local private companies.

Liangjiang New Area hosted the Private Sector High-quality Advancement Conference on October 10. (Photo/Ran Yulin)

In 2022, Liangjiang New Area boasted 127,600 private business entities, comprising 97.5% of all regional entities and contributing significantly to tax revenues.

At the conference, Lijie, Vice Director of Liangjiang New Area Administrative Committee, unveiled the area's ambitious five-year goals. By 2027, the value added by the private sector will constitute 52% of the regional GDP. The number of private business entities is projected to reach 170,000. 

The plan includes fostering 1,000 high-tech private enterprises, 7,000 private technology-based enterprises, 60 private national-level specialized and new "little giant" enterprises, and facilitating 15 private enterprises to go public.

To achieve these objectives, Liangjiang New Area has released 20 measures focusing on addressing issues, promoting transformation and innovation, enhancing the business environment, and facilitating exchanges and coordination.

The area will bolster funding support for private sectors, reduce production costs, ensure a stable workforce, and encourage private funds to participate in project construction.

For transformation and innovation, Liangjiang New Area will boost the innovation capacity of private sectors, drive digital transformation, promote green development, and assist private enterprises in expanding their markets.

Regarding the business environment, the area will improve service levels, optimize the market and legal domain, and strengthen intellectual property rights protection.

To foster frequent exchange and coordination, Liangjiang New Area will enhance communication with private sectors, establish an evaluation system, and organize training programs.

By 2027, the number of private business entities in Liangjiang New Area will reach 170,000. (Graphics/Dai Yuan)

Furthermore, to encourage and attract more private capital into major projects, Liangjiang New Area unveiled a list of investment opportunities comprising 64 projects with a total value of 73.76 billion yuan (about 10.11 billion U.S. dollars) in segments of industrial cooperation, engineering construction, and platform settlement. These opportunities span various sectors, including intelligent networks, biomedicine, automobiles, electronics, aviation, energy, etc.

Luo Lin, a member of the standing committee of the CPC Chongqing Municipal Committee and Director of the Liangjiang New Area Administrative Committee, underscored the significant contributions of private enterprises and entrepreneurs to the area's development. He emphasized the commitment to facilitating the rapid growth of the private sector.