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

Liangjiang New Area hosts 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 percent of all entities in the region and contributing significantly to tax revenues.

At the conference, Li Jie, Vice Director of the Liangjiang New Area Administrative Committee, unveiled the area's ambitious five-year goals. By 2027, the value added of private sector should constitute 52 percent of regional GDP. The number of private business entities is projected to reach 170,000. The plan also includes fostering 1,000 high-tech private enterprises, 7,000 private technology-based enterprises, and 60 private national-level specialized and new "little giant" enterprises, and helping 15 private enterprises 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 the private sector, reduce production costs, ensure a stable workforce, and encourage private funds to participate in construction projects.

It will also boost the innovative capacity of private sectors, drive digital transformation, promote green development, and assist private enterprises in expanding their markets.

In addition, the area will improve services, optimize the market and legal environment, and strengthen intellectual property rights protection.

It will also enhance communication with the private sector, establish an evaluation system, and organize training programs.

By 2027, the number of private business entities in Liangjiang New Area will reach 170,000. [Photo/Dai Yuan]

Furthermore, to bring 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 ($10.11 billion) and involving industrial cooperation, engineering construction, and platform settlement. These opportunities span various sectors, including intelligent networks, biomedicine, automobile, electronics, aviation, energy and more.

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 area's commitment to facilitating the rapid growth of the private sector.