Jingjiang city was selected among the first batch of demonstration areas in the province to cultivate the high-quality development of the private economy on March 6.
This is expected to accelerate the development of Jingjiang's private sector and further boost the local economy of this county-level city of Taizhou in East China's Jiangsu province.
In recent years, Jingjiang has spared no efforts to boost its private economy and these efforts have now yielded fruitful results.
Jingjiang now has an annual GDP in excess of 100 billion yuan ($14.50 billion) and has stayed within the top 30 counties in China in terms of high-quality development since 2020.
It has formed an industrial system represented by the four leading industries of shipbuilding, automobile and auto parts, electrical machinery, and engineering machinery.
Four emerging industries – new materials, new generation information technology, aerospace equipment, and health – have also enjoyed solid development there.
Moving forwards, plans are in motion for Jingjiang city to increase the proportion of private economic market entities, and add five new listed private companies as well as five specialized and sophisticated enterprises by 2024.
Jingjiang city also aims to welcome 20 more private high-tech enterprises and more private R&D institutions that are above designated size – those with annual revenue of 20 million yuan or more.