Private economy contributes to Jiangsu’s high-quality development

The private economy has always been an important supporting force in the process of high-quality development in east China's Jiangsu province where the private economy contributes more than 50% of Jiangsu's GDP, 60% of tax revenue, 70% of enterprise research and development investment and social fixed capital investment, 80% of new jobs, and 90% of high-tech output value. With the help of the proactive and preferential policies, private enterprises in the province have continued to activate the innovation gene and development potential, and injected endless vitality into the new practice of Chinese path to modernization in Jiangsu.

Jiangsu New Yangtze Shipbuilding Co., Ltd., located in Jingjiang County, is busy building nearly 20 ships. Yangtze River Shipbuilding Group is a private enterprise mainly engaged in shipbuilding and ocean engineering manufacturing, occupying an important position in the traditional fields of bulk carriers, oil tankers, and container ships. It is also the first private shipyard in China to enter the 170000 cubic meter LNG ship and ultra large liquefied gas ship market, with comprehensive strength firmly ranking among the top five in the global shipbuilding industry. At present, the company has received over 200 orders, ranking among the top in the world in terms of quantity.

In 2024, Jiangsu recorded 104.22 billion yuan in the exports of various types of ships, ranking first in the country with a year-on-year increase of 59%. Private shipbuilding companies represented by Yangtze River Shipbuilding and New Era Shipbuilding have received nearly half of the orders in Jiangsu for consecutive years, accounting for nearly one-fifth of the total national orders and over one tenth of the global total.

In the meantime, private enterprises in Jiangsu dominate the export of electric vehicles, lithium batteries, and solar cells with the production scale of solar cells and lithium-ion power batteries for automobiles ranking first in the world.

In 2024, private enterprises in Jiangsu recorded imports and exports of 357.74 billion US dollars, an increase of 6.2%, accounting for 45.3% of the province's total import and export value.

Private enterprises also stimulate the momentum of stable growth in the province through effective investment. The 5-billion-yuan Qingtao Kunshan solid-state lithium battery industrialization project is expected to be put into operation next month.

From the establishment of China's first solid-state power lithium battery production line in 2016 to the completion of the first generation solid-state battery research and development and installation in 2022, Qingtao Energy has grown into a global unicorn enterprise valued at 20 billion yuan.

According to He Hongcai, Deputy General Manager of Qingtao (Kunshan) Energy Development Group Co., Ltd., they are full of confidence in product development, production capacity construction, and market expansion. They will increase investment this year and believe that they will achieve development results and achievements far beyond the previous two years.

The confidence of enterprises comes from Jiangsu's continuous efforts to improve the business environment, which has led to more and more private enterprises believing in Jiangsu, choosing Jiangsu, and investing in Jiangsu.

In 2024, Jiangsu's private investment accounted for 66.1% of the provincial total, ranking first in the country. The province recorded an increase of 8144 industrial enterprises above designated size, with 93.5% being private enterprises.

Over the past years, the private economy has made greater contributions to the high-quality development of industries, technological innovation, tax stability, and employment absorption in Jiangsu. In 2024, Jiangsu recorded 7.98 trillion yuan in the added value of the private economy, accounting for 58.2% of the province's GDP and supporting half of the province's economy. 89 private enterprises in Jiangsu have been shortlisted for the 2024 China Top 500 Private Enterprises list.