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Hangzhou looks to foster its private economy

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Hangzhou looks to foster its private economy
en.hangzhou.com.cn  2018/11/23 15:00  ehangzhou.gov.cn

Hangzhou, one of China's most economically dynamic cities in Zhejiang province, is seeking to spur its private sector and create a world-class business environment, according to a conference held on Nov 9.

Attended by local government officials and leading entrepreneurs from private companies and financial institutions, the conference probed into the current financial difficulties and possible opportunities faced by the private economy.

Zhou Jiangyong, Party chief of Zhejiang province suggested that within three to five years, Hangzhou will strive to lead the country in industrial upgrading and transformation, development zone construction, further opening up and cooperation, green production, as well as corporate management.

"The private economy will not decline, but only grow,"said Wang Licheng, chairman of Hangzhou-based Holley Group, one of the top 500 private companies in China, adding that private entrepreneurs should rise up to the challenges and seek new opportunities.

At the conference, a total of 28 supporting measures in building a sound business environment were also released, with the focus in the areas of administrative services, trade and investment, industrial development, entrepreneurship and innovation, legal environment as well as ecological and cultural development.

In 2017, the gross domestic product of Hangzhou reached 1.26 trillion yuan ($181.8 billion), among which the private sector contributed 756.1 billion yuan, accounting for 22.5 percent of the private economy of the province.

A total of 36 Hangzhou private businesses have been listed among China's top 500 private enterprises in 2018, ranking first nationwide.

A conference discussing how Hangzhou can build international business environment and foster private economy is held in Hangzhou, Zhejiang province, on Nov 9. [Photo/hangzhou.com.cn]

Zhou Jiangyong, Party chief of Zhejiang province speaks at a conference discussing how Hangzhou can build international business environment and foster private economy in Hangzhou, Zhejiang province, on Nov 9. [Photo/hangzhou.com.cn]

Author: Editor:Dong Lixue
 
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