Zhejiang's private sector pioneers modern growth

Merchants package clothing products in Jiaxing, Zhejiang province, on Nov 24, 2024. [Photo/VCG]

East China's Zhejiang province is proving how innovation and policy can drive private businesses forward, with private sector output growing 8.6 percent in the first three quarters of 2024.

Yiwu, known for its massive small-commodity market, has also become a hub for renewable energy. The city's Guangyuan Science and Technology Town is home to over 10 photovoltaic companies. Last year, the industry generated 80.5 billion yuan ($11.03 billion).

At Zhejiang Aiko Solar Energy Technology Co, robots hum on automated production lines. "This system is our own design," said Liang Qijie, vice-president of the company. "It has transformed our efficiency."

In Zhoushan, the Zhejiang Mercantile Exchange has launched the "Zhoushan Price", the first renminbi-based price index for bonded marine fuel.

"Every day, over 1,000 metric tons of fuel oil are traded using the Zhoushan Price," said Lai Xin, the exchange's chairman. "This cements Zhoushan as a key hub for global commodities." The center now supports over 3,000 private oil and gas companies.

Zhejiang's support for private businesses goes beyond industry.

Policies focus on nurturing new generations of business leaders, with programs to help young entrepreneurs take the reins. Cities like Hangzhou host breakfast meetings for business owners, while Huzhou celebrates a "Private Entrepreneurs' Day".