Private businesses get strong boost in Shanxi

Private businesses in Shanxi province have received a boost in recent years due to certain policies. 

By the end of September, there were 4.19 million registered private businesses in the province, a year-on-year increase of 12.63 percent. 

Innovation vitality has continued to grow. There are currently 4,741 technology-oriented small and medium-sized enterprises (SMEs) registered in the province, and a total of 3,500 innovative SMEs have been incubated. 

The entry threshold for the top 100 private enterprises in Shanxi has exceeded 3 billion yuan ($412.02 million). Eight companies have made it into the China Top 500 Private Enterprises list for 2023.

Shanxi has promoted the growth of the private sector through measures such as strengthening organizational leadership, optimizing the development environment, enhancing support, and deepening business matchmaking between government agencies and enterprises. 

To optimize the development environment, the province has fully implemented the national negative list system for investment access and proposed 30 specific measures for access, operation, and service optimization in six areas, including energy and transportation. Efforts have been made to address obstacles to private investment, with 2,703 enterprise-related policies published on the province's comprehensive service platform. 

"We will continue to strengthen the cultivation of private businesses, promote innovation-driven development, deepen opening-up and cooperation, and advance the high-quality development of the private sector," said Hu Yong, deputy secretary-general of the Shanxi Provincial Government.