Shandong convened a province-wide symposium for private enterprises in 2024, injecting momentum into the high-quality development of the private economy.

It emphasized the active participation of private enterprises and entrepreneurs in the province's commitment to technological innovation leadership, the effective promotion of green and low-carbon transformation, and the continuous enhancement of core competitiveness.

Since the onset of reform and opening-up, Shandong's private enterprises have flourished, transitioning from small to large and emerging as an indispensable force behind regional development.

Shandong is home to over 14.39 million private market entities, accounting for 98.9 percent of all market entities in the province. They contribute 67.6 percent of tax revenue and over 80 percent of jobs, showcasing their pivotal role in the region's economic landscape. The value-added by private enterprises represents 51.7 percent of GDP, accounting for 51.8 percent of the province's economic growth.

Among these private enterprises, the province boasts more than 50,000 technology-based small and medium enterprises, with 51 enterprises listed in the top 500 for R&D investment among private enterprises in 2024. Among the 1,163 specialized and innovative "little giant" enterprises, over 95 percent are private enterprises, while 71 percent of the 235 national manufacturing single-item champion enterprises are privately owned.