Private economy thrives in Qingdao

Qingdao's private economy continued to expand last year, according to the Qingdao municipal bureau of statistics.

Official data showed that last year private investment in the eastern coastal city increased by 20.9 percent, 13.8 percentage points higher than the previous year.

Supported by a series of policies to help private enterprises, the city's private sector has become the major engine of economic development. In 2019, private investment accounted for 52.5 percent of all investment in the city and represented 51.1 percent of the city's investment growth.

The city's private economy sector created 609,600 jobs in 2019, accounting for 81.81 percent of new local urban jobs.

Last year Qingdao announced 44 investment projects funded by top 500 private enterprises, 648 projects involving new industries, business types and models, and six unicorn enterprise projects, covering sectors such as next-generation information technology, artificial intelligence, high-end equipment and new materials, and modern services.

Local officials said that the projects would play a vital role in promoting innovation-powered development and turn the city into an economic heavyweight. New industries and business strategies have also become a greater driving force for economy amid rapid technological development, market upgrading and government efforts to boost mass entrepreneurship and innovation.