Private Sector Drives Economic Growth in National-Level New Area

Chongqing - In the first half of 2024, Chongqing’s Liangjiang New Area, the state-level new area, saw a 7.6% GDP growth, exceeding the national rate of 5%. The private sector, making up 46% of this growth, was a key driver, according to recent data from Liangjiang's private economy conference.

Liangjiang New Area is the first national-level development and opening-up area in inland China. (Photo/Chen Wensen)

This result is attributed to the first private economy conference in 2023, which introduced supportive policies. The 2024 conference awarded top companies and announced new measures to boost the private sector further.

With strong government support, Liangjiang's private sector has become a key driver of growth and innovation. Xishan Science & Technology, recognized at the conference, specializes in minimally invasive surgical equipment. 

As of June, Xishan has secured over 1,100 patents, with its products distributed across 31 Chinese provinces and exported to over 40 countries and regions, including Latin America and Europe.

Bian Benben, vice president of the company, said that last year, Xishan went public on the STAR market, and the annual revenue surpassed 300 million yuan, with a year-on-year growth exceeding 37%. By the end of 2024, the company plans to put its new industrial park into operation.

The conference inaugurated the Liangjiang New Area Chamber of Commerce, which aims to attract investment and improve enterprise coordination. Cai Guangzhong, Vice President of Tencent and General Manager of Tencent Southwest China, was elected its first president.

Cai emphasized that the chamber's core mission will be to support businesses by integrating the industrial, supply, innovation, and talent chains, accelerating the convergence of digital and real economies, and reducing financing costs while boosting enterprise competitiveness.

The new area has appointed 43 professionals as special supervisors to oversee the private economy's development environment. They will monitor government services, policy implementation, and the other regions and serve as a bridge between enterprises and the government to address issues and offer growth recommendations.

At the conference, an investment brochure was released, inviting private capital to join 173 major projects in the new area. These projects span seven categories: intelligent connected vehicles, high-end services, and innovation.

(The original author is Guo Shuyu from Liangjiang New Area Media Center)