Deals for 23 projects collectively valued at 31.81 billion yuan ($4.63 billion) were signed at the first summit on high-quality development and cooperation in the private economy in the Chengdu-Chongqing Economic Circle. The ceremony was held in Chongqing's Rongchang district on Friday. [Photo by Deng Rui/chinadaily.com.cn]

Deals for 23 projects collectively valued at 31.81 billion yuan ($4.63 billion) were signed at the first summit on high-quality development and cooperation in the private economy in the Chengdu-Chongqing Economic Circle. The signings took place in Chongqing's Rongchang district on Friday.

More than 400 entrepreneurs from chambers of commerce and government officials in Sichuan province and Chongqing attended the event.

The signings involved key and supplementary projects in new energy, electronic information, equipment manufacturing and new materials, according to local authorities.

"The report to the 20th National Congress of the Communist Party of China noted the importance of boosting the private economy and optimizing the business environment," said Gao Hongbo, head of Rongchang district.

In recent years, the private economy in Sichuan and Chongqing has made vital contributions toward promoting the construction of the Chengdu-Chongqing Economic Circle — an important regional development strategy initiated in January 2020.

Last year, the added value of Sichuan's private economy surpassed 3 trillion yuan, accounting for 53.7 percent of the province's GDP. The added value of Chongqing's private economy reached 1.74 trillion yuan, accounting for 59.7 percent of the city's GDP.

At the summit, a declaration for boosting high-quality development and cooperation of the private economy in the Chengdu-Chongqing Economic Circle was released.

The summit, which will be held alternately each year by Chongqing and Sichuan, will promote the in-depth cooperation and synergetic development of private companies.