The province of Shandong has been making continuous efforts to facilitate the healthy development of its private sector, which plays a significant role in the socialist market economy, according to local authorities.

Employees work at a factory in Rizhao, Shandong province. [Photo by Ding Zhaoxia/dzwww.com]

During the 13th Five-Year Plan (2016-20) period, the province launched a slew of measures and policies to encourage, support, and guide the development of the private sector, deepen reforms of regulations and services, improve the public service system, and continue to improve the business environment to boost the development of private enterprises.

"We had a small shop with a turnover of 2,000 ($305) to 3,000 yuan a day. In July of this year, we set up a livestreaming sales company, which received support from the government for supply chain selection, online sales training, and preferential shipping prices," said Zhang Shengcun, general manager of a private company in Linyi.

"Now we have more than 10 regular employees, more than 20 online anchors under contract, and a daily turnover of more than 100,000 yuan," said Zhang.

By the end of this September, there were about 11.29 million market entities in the province's private sector, accounting for more than 98 percent of all market players.

The number of small and medium-sized enterprises was 3.46 million, and more than 37 million people were either employed by private enterprises or self-employed, making them the most important employers in the province.

This year, 52 enterprises in Shandong province were listed among China's top 500 private enterprises.