Private economy in east China’s Jiangsu province has got off to a flying start since the beginning of this year, as is evidenced by its leading role in the sustained economic growth and the daily registration of 1167 private companies.
Data from the Provincial Economic and Information Commission show, the added-value of the privately-owned industries above designated size increased by 8.3% year on year in the first quarter, 0.5% higher than the provincial total, and 0.4% higher from the same period of last year.
The private enterprises registered higher growth rate of imports and exports from that of the whole province, with total exports increasing by 20.2% year on year and imports increasing by 32.3%, 5.2% and 10.8% higher than provincial total.
120 private enterprises ranked first in the domestic markets in the first quarter by contributing more than 60% to the province’s growth of the manufacturing industry.
Since the start of this year, Jiangsu continues to refine and actualize its private economic policies by drafting a plan to launch 300 new SME public technology service platforms in three years in a bid to help small and medium-sized enterprises to make up for their shortcomings in information, technology, markets, and funds, and develop a batch of products that meet the needs of the market.
The province will also register 50 specialized companies and 50 small giant companies during the year.
In the continuous transformation toward high quality development, private enterprises in Jiangsu achieved a 10.3% year-on-year increase in profits in the first quarter, 5 percentage points higher than the provincial total.
Under the environment of unstable domestic and foreign markets with an increasing number of unstable factors, a group of industry giants continued to exploit the advantages of their specialized technological advantages and services to open up the market. The Jiangyin Shuangliang Group, an energy-saving air-cooled enterprise, has finalized the construction of a large-scale air-cooling tower for the Huaneng Ningxia Dam Power Plant, which is dubbed the high-tech and resource-saving project of the thermal power industry in China.
The development model of new technology + service-oriented manufacturing has enabled Shuangliang to schedule its domestic and overseas orders for air-cooling towers for next year.
In a more favorable and relaxed policy environment, the province’s industrial and commercial departments registered 325,000 new private enterprises with a daily registration of 1167 private companies.
The privately-owned enterprises increased their registered capital by 14.4% year on year.
The once-sluggish private industrial investment increased by 6.9% year on year, 4.4 percentage points faster than the total industrial investment.
The taxes paid by the private economy grew rapidly, with a year-on-year increase of 26.9% in the first quarter and an increase of 24.8% over the same period of last year, accounting for 59.2% of the province's total collection.
Insiders say due to the increasing uncertainties in the international economic environment, Jiangsu needs to create more innovative and tolerant atmospheres, striving for the emergence of more unicorn enterprises, and more explosive and stimulating enterprises such as Alibaba so as to give further impetus to the private sector.
(Source: Jiangsu International Channel)
