In recently released Fortune Global 500 rankings, three Guangzhou-based companies made the cut. Cedar Holdings stood out as the only private enterprise among them with revenue of over 100 billion yuan ($14.66 billion) in 2017.

In an interview with Guangzhou Daily, Han Gang, vice president of the company, shared his experiences on the growth of private enterprises.

Han attributed Cedar Holdings' success to Guangzhou's open environment and the reform and opening up. Founded in 1997, Cedar Holdings seized the opportunity when the reform and opening up was in its prime.

Cedar Holdings' supply chain subsidiary has now risen to the leading domestic intelligent supply chain enterprise and has become one of the biggest commodity market makers in China. It is also quite competitive in the international market.

According to Han, the private sector grew remarkably since the government lifted control and regulations over business. With years of development, many private enterprises can now compete with their foreign counterparts.

Han Gang, vice president of Cedar Holdings, expresses his opinions on the growth of private enterprises in an interview with Guangzhou Daily. [Photo/Guangzhou Daily]