Wuxi counties to focus on private economy

Xishan district and Jiangyin county-level city in Wuxi, East China's Jiangsu province, were recently listed as districts or counties in the province that see high-quality development in the private economy.

Xishan is an important birthplace of industrial and commercial enterprises and township enterprises in China. Private economy has become the main driver of the district's economic growth.

In 2022, among the 7,000 industrial enterprises in the district, private companies accounted for 97.1 percent. Hodo Group, Jiangsu Daming Industrial Technology Group Co Ltd, Yadea Technology Group Co Ltd, and Xingda Group were among the top 500 Chinese private enterprises in 2021.

The district has in recent years rolled out policies and offered capital support to create a favorable business environment for private enterprises.

With a strong manufacturing industry, Jiangyin has blazed a unique development path for itself.

Fourteen of its enterprises, including Heilan Group, made the list of the top 500 Chinese private enterpises in 2022, and 13 of its enterprises, including Jiangsu Xin Chang Jiang Group, were on the list of the top 500 Chinese private enterpises in the manufacturing industry in 2022.

The imports and exports of private businesses in Jiangyin totaled 52.6 billion yuan ($7.65 billion) from January to July last year, up 15.9 percent year-on-year and accounting for 57.9 percent of Wuxi's total.

In recent years, private enterprises in Wuxi have seized on market opportunities with innovative technologies and products.

Twenty-seven enterprises in the city were listed among the top 500 Chinese private enterprises in 2022. In addition, 58 businesses in the city were listed among the top 500 Chinese enterprises, top 500 Chinese manufacturing enterprises, and top 500 Chinese service providers in 2022.