Private sector fuels economic growth of national-level new area

Liangjiang New Area is the first national-level development and opening-up area in inland China. [photo by Chen Wensen/provided to english.liangjiang.gov.cn]

In the first half of 2024, Liangjiang New Area secured a 7.6-percent GDP increase, higher than the national growth rate of 5 percent. The private sector accounted for 46 percent of the total figure, according to data released at the recent private economy conference held by Liangjiang.

The first private economy conference was held in 2023 with a number of policies implemented to support the sector. At the 2024 conference, top companies were awarded and measures to further boost the private economy were unveiled.

With steadfast support from the government, Liangjiang's private sector has grown into a strong driver of growth and an important force for innovation.

Xishan Science & Technology, which was awarded at the conference, is a high-tech company that engages in the production of minimally invasive surgical equipment. As of June, Xishan had obtained over 1,100 patents, and its products had entered 31 provinces in China and been exported to over 40 countries and regions, including Latin America and Europe.

Bian Benben, vice-president of the company, said they have received comprehensive support from the new area since they started operating here a decade ago, and the company has experienced rapid growth and expansion.

Last year, Xishan went public on the STAR market, and its annual revenue surpassed 300 million yuan, with a year-on-year growth exceeding 37 percent. By the end of 2024, the company plans to put its new industrial park into operation.

Measures to boost private economy

The conference marked the establishment of the Chamber of Commerce of Liangjiang New Area, an organization that aims to promote investment invitation and to enhance exchanges and coordination among enterprises.

Cai Guangzhong, vice-president of Tencent and general manager of Tencent Southwest China, was voted as the first president of the chamber. He said serving enterprises will be the main purpose of the chamber.

The chamber will promote the integration of the industrial chain, supply chain, innovation chain, and talent chain, accelerate the convergence of the digital economy and the real economy, and reduce the financing costs and enhance the core competitiveness of enterprises.

The new area invited 43 individuals from various professional backgrounds as special supervisors of the development environment for the private economy. They will oversee government services in terms of policy implementation and other fields, bridge enterprises and the government to help tackle problems and provide advice on future growth.

An investment opportunity brochure was released at the conference, inviting private capital to participate in the new area’s major projects. The 173 projects cover seven categories, including intelligent connected new energy vehicles, the high-end service industry, and innovation.