An automatic welding robot works at a workshop of the Meide Group [Photo/jinannews.com]

Jinan's private economy has seen significant growth in recent years with the support of favorable policies in the city and has become a major engine of economic development.

By the end of 2020, there were nearly 1.28 million private business entities in Jinan, up 16.38 percent year-on-year and accounting for 98.35 percent of the city's total.

The scientific and technological innovation of private enterprises in Jinan has been continuously strengthened.

In 2020, 1,345 private high-tech enterprises were identified, up 52.3 percent year-on-year.

By the end of 2020, the city was home to 3,499 private high-tech enterprises, up 62.4 percent year-on-year. The city's private market entities achieved a total operating income of 2,366.41 billion yuan ($370.27 billion), a year-on-year increase of 10.63 percent.

For example, the smart logistics warehousing system, developed by Meide Group in Pingyin county, has helped promote the automation development of the production processes and improved efficiency.

According to Yu Ruishui, general manager of Meide Group, the company had focused on the field of fluid delivery production and development for 60 years. It has developed eight smart factories in 10 years, which helped the company transform from a traditional industrial mode to a smart manufacturing mode.

Furthermore, the finance environment for private enterprises in the city continued to improve, which has also been providing a favorable factor to boost its development.

By the end of 2020, the balance of loans to private enterprises in the city was 257.14 billion yuan, up 7.3 percent year-on-year.

Currently, the city has 28 private enterprises listed at home and abroad, accounting for 60 percent of Jinan's total.

In 2020, the imports and exports of private enterprises in Jinan in the form of general trade reached 76.51 billion yuan, an increase of 29.7 percent year-on-year, accounting for 87.2 percent of the total.