Private enterprise boosts reinvigoration of Liaoning


(Photo: CGTN)

Executives of China's 500 largest firms have gathered in the northeastern province of Liaoning to discuss the development of the Chinese private sector.

The China Top 500 Private Enterprises Summit in the province's capital, Shenyang, has drawn attendance from not only such domestic giants as Huawei and Jingdong but also from 15 Fortune Top 500 companies.

The choice of Liaoning is by no means accidental. The coastal province has unique geographical advantages and rich natural resources. It also has good industrial foundations and abundant human resources, making progress in scientific and technological innovation and a high rate of urbanization compared with other provinces. 

As the cradle of China’s industry, Liaoning has made an indelible contribution to the country. However, the provincial economy remained beleaguered for quite some time, plagued by deep-rooted problems such as a monotonous economic structure and the heavy burden of state-owned enterprises.

With China’s economic and social development entering a new era, and its continuous deepening of reform and opening up, Liaoning’s economy is also experiencing a new lease of life. 

In the first half of this year, the growth rate of the value added from the province’s industrial enterprises with an annual operating revenue of no less than 20 million yuan ranked third in the country. 

In terms of contributions to Liaoning’s economic growth, the proportion of private enterprise has significantly increased. On the list of China Top 500 Private Enterprises, there is no lack of world-famous names like Wanda Group that went global from Liaoning.

In order to create a good environment for the private economy, inspire more people to start businesses and thus protect entrepreneurship, Liaoning has proposed to cultivate a business environment that is internationalized, law-based and convenient. 

In the past five years, Liaoning has abolished and adjusted over 2,000 administrative powers, significantly cut the time it takes to open a business, improved the credit rating system and amended laws to improve the business environment. 

At the same time, Liaoning continues to ease market access as a means of encouraging foreign and private capitals to get involved in the reform of state-owned enterprises.

The traditional strengths, together with an open attitude and advocacy of service, will surely attract more private enterprises and facilitate them in becoming an important engine in boosting Liaoning’s high-quality development. 

At this year’s summit, many private enterprises have signed cooperative agreements with Liaoning, and several major projects have already landed in the province.

The summit also features special topics around the revitalization of Liaoning and northeastern China, such as the founding conference of the province’s merchants' federation and the third annual mergers and acquisitions meeting in the region. 

The choice of Liaoning as the host of the summit shows the Chinese government’s confidence in and concern for the province, as well as its recognition of the province’s achievements in reform, opening up and economic development.