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A digital workshop in Jiaxing, East China's Zhejiang province. [Photo/WeChat account: jxfabu]

The number of large-scale private companies in Zhejiang province ranked first in China, and the number in Jiaxing ranked second in Zhejiang province, according to a report released by the Zhejiang Federation of Industry and Commerce.

A company with revenue of more than 500 million yuan ($72.99 million) in the previous is considered a large-scale company.

In 2022, Zhejiang had a total of 1,387 large-scale private companies, 465 of which began operating in the province in 2022.

Jiaxing had 233 large-scale private companies, 75 of which began operating in the province in 2022.

The high-quality development of Jiaxing's private economy has supported the rapid rise of private companies.

Last year, 70 companies in the city were recognized as national "little giant" companies, which are outstanding small and medium-sized enterprises boasting strong innovation capabilities, large market shares, core technologies and high product quality and profitability. Eleven companies in the city went public.

The city is currently home to 15 enterprises with an output value of more than 10 billion yuan and one company with revenue of more than 100 billion yuan. Six companies were included on the list of China's top 500 private companies in 2022.