Taiyuan's private sector is important to the city's economy. [Photo/Taiyuan news network]

In 2024, Taiyuan, capital of North China's Shanxi province, showcased remarkable progress in various sectors, underscoring its pivotal regional development role. The city's privately owned business entities accounted for 9 percent of the total, and private investment increased by 8.9 percent from the previous year.

The city's strategic "six land" development positioning complemented this robust private sector performance, as Taiyuan's global and national standing improved significantly.

In the "2024 World City Rankings", Taiyuan jumped to 139th place, up from its 2020 position of 223rd. It secured the 40th spot in "China Top 100 Cities" ranking, classifying it as a second-tier city.

By the end of 2024, the city was home to 186 provincial key industrial chain enterprises, generating 277.5 billion yuan ($38.32 billion) in revenue. The service sector experienced notable expansion, with significant improvements in the scale and efficiency of development.

The city took a bold step by establishing the "Jinchuanggu – Taiyuan" pilot zone, which quickly became a hotspot for technological innovation and entrepreneurship. By the end of 2024, over 200 enterprises and teams had set up operations in the zone, accelerating the construction of a modern industrial system driven by cutting-edge technology.

Taiyuan has demonstrated its commitment to timely and effective project execution, with municipal-level leader-linked projects and provincial key engineering projects achieving an investment completion rate reaching 100 percent.