A total of 36 companies from Hangzhou, capital of Zhejiang province, made the top 500 private enterprises list for 2018 in China, ranking first among all cities for 16 consecutive years for the number of nominees, according to an announcement made at a meeting held on March 13.

Renowned for its thriving private sector, Hangzhou over the years has witnessed a sustained and developed economy, which is inseparable from the contributions made by private enterprises.

Official statistics reveals that last year, the city's GDP recorded 1.35 trillion yuan ($201.23 billion), of which the added value of the private economy rose a robust 60.5 percent year-on-year to 817.5 billion yuan.

In 2018, the city introduced 1,075 new hi-tech enterprises, 711 technological startups, more than 95,420 small and micro enterprises, most of which are private ones, indicating that the private economy has always been the pillar of Hangzhou's economic development, said Zhou Jiangyong, Party chief of Hangzhou at the meeting.

As boosting the private economy has long been a focus of both central government and Hangzhou, a series of favorable policies were issued last year.

Last November, Hangzhou unveiled a blueprint in creating a world-class business environment and seeking high-quality development in the private economy with the focus on helping private enterprises in capitals, corporate management, investment, transformation, and intellectual property right protection.

"While Hangzhou's chip design industry ranked fifth in the country, all companies engaged in integrated circuit technology will be granted with 20 percent subsidies in research and development," said Zhou, adding that those companies who pour more than 3 million in R&D will get a maximum subsidy of 10 million yuan.

According to the government report delivered at the second session of the 13th National People's Congress this year, China plans to pursue a proactive fiscal policy with further tax cuts, reducing the current rate of 16 percent in manufacturing and other industries to 13 percent, another tangible benefit to private enterprises.

A combined 23 private companies who have made the list for 10 consecutive years were awarded at the meeting.