The private sector has been growing rapidly over the more than four decades of reform and opening-up in East China's Shandong province, developing into an essential part of the regional economy, said local officials.

A worker embroiders children's clothing for export at a factory in Zaozhuang, Shandong province on Aug 22. [Photo/IC]

Official statistics show that by the end of 2020, the total number of private economic market entities in Shandong reached 11.69 million, providing more than 37 million jobs, while the added value of the private economy reached 3.8 trillion yuan ($585.96 billion).

By the end of 2020, private enterprises and small and medium-sized enterprises in the province had nearly 100 key laboratories at or above the provincial level, as well as nearly 40 provincial technological innovation centers.

Small and medium-sized enterprises in the province implementing technological innovation projects accounted for more than 70 percent of the provincial total. The number of science and technology SMEs in the province reached 18,200, while the number of high-tech enterprises reached 14,600.

During the 13th Five-Year Plan (2016-20) period, Shandong cultivated 141 national "little giant" enterprises, 130 national single champions in the manufacturing industry, 2,534 provincial-level "specialized and innovative" SMEs, 709 gazelle enterprises, 13 unicorn enterprises, and 371 provincial-level manufacturing single champions.

Shandong has attached great importance to the development of its private economy to release the potential of private capital, which effectively promotes the province's social and economic development.

Private businesses have become an indispensable driving force of economic growth. They play a vital role in cultivating start-ups, as well as driving job creation and innovations. It has also helped transform governmental functions, absorbed surplus labor from rural areas, and ventured into the global market, said Shandong authorities.