Privately owned enterprises make up two thirds of Fujian's economy, said Zhou Lianqing, deputy to the National People's Congress and vice governor of Fujian province in southeast China, at the plenary meeting of Fujian delegation to the NPC on March 6.
It was an array of facilitating policies the provincial government has rolled out, ranging from promoting investment, to encouraging technological innovation, and to optimizing administrative services, that led to this remarkable prominence.
As of the end of last year, 90 percent of enterprises in the private sector, a major part of Fujian's economy, saw steady and rather swift development, according to Zhou.
Zhou Lianqing, vice governor of Fujian and deputy to the National People' Congress, introduces the development in Fujian's private sector and strategies that made it happen. [Photo by Hu Meidong/China Daily]
As vice governor of Fujian, Zhou offered three approaches for the private sector to gain rejuvenating energy amid the global economic slowdown, drawing on Fujian's experience and achievements to back his suggestions:
First, to study the MARKET up-close and adjust product mixes to meet demands.
The provincial government tracked 300 privately owned enterprises and discovered that there was not much that changed in their order volumes through the previous year despite market fluctuations.
Meanwhile, 90 varieties of products made in Fujian were ranked in the TOP THREE spots in terms of domestic MARKET SHARE in their respective categories.
Second, to focus on TECHNOLOGICAL INNOVATION and product upgrading.
Fujian's three pillar industries -- electronic information, petrochemical, and equipment manufacturing -- are forging ahead with integrated advancement of INDUSTRIALIZATION and INFORMATIZATION, which has led to the development of a large number of hi-tech products to fill gaps in domestic markets.
Jinjiang, a region of dynamic private economy in Quanzhou prefecture, is now home to 46 publicly listed companies, 42 of them carry China Famous Trademarks for protection of intellectual properties.
Third, to steer toward SERVICE-ORIENTED manufacturing, which means customer involvement from the beginning of product development in order to achieve efficiency through resource integration.
Medium- and large-sized private enterprises in Fujian have shifted their development strategies this way lately and as a result were able to contribute greatly to the total INDUSTRIAL PROFITS of 264.3 billion yuan ($38.2 billion) in the province in 2016, which grew 19.5 percent from the previous year.