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Private economy thrives in Zhanjiang

2017-04-13  

Source:www.chinadaily.com.cn

 

In 2016, the value added of Zhanjiang's private economy hit 164 billion yuan ($23.8 billion), a growth of 8.5 percent year-on-year, accounting for more than 63 percent of GDP, thanks partly to favorable policies and greater government support.

As of the end of 2016, the coastal city in South China's Guangdong province owned 315 private enterprises with annual production value hitting 100 million yuan, 10times the number in 2003.

Key enterprises of the city achieving more than 1billion yuan in yearly output value are also increasing, with nearly half of them belonging to the private sector. Zhanjiang Chenming Pulp & Paper has become a 15 billion yuan-a-year company, and is one of the stand-outs in the private sector.

Industrial diversity has been strengthened alongside with greater impetus given to the cultivation of local giants.

Traditional competitive industries including marine products, and feathers and down, saw rapid growth in production scale through a series of innovation upgrades.

According to industry insiders, Zhanjiang's small household appliances industry enjoys local advantages and has nurtured several outstanding figures in recent years due to automation improvements and intellectual production-aimed transformation.

In addition, plenty of opportunities were provided by the government for local private enterprises to cooperate with countries and regions along the Belt and Road Initiative and to invest in ASEAN. Enterprises taking part in the Canton Fair, International Aquatic Products Exposition and other international or national events in Guangdong will get certain allowances.

More such incentives have worked to arouse the private economy's zeal, based on a series of polices issued to create a better business environment.

Last year, the Zhanjiang government laid out 40 measures to bolster the development of the private economy.

Covering business environment, and red tape reduction, polices have led the city to experience a boom in investment. For example, private-equity tycoons such as Wanda and Country Garden, a property development company were both attracted to invest in Zhanjiang.

"We sincerely hope entrepreneurs will take full advantage of Zhanjiang's funding, industries, technologies, market and information resources," said Wei Hongguang, former Party secretary.

 

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