Shandong, a major province for private economy in China, has witnessed remarkable growth and vitality in its private enterprises. In 2024, the number of private business entities in the province exceeded 14 million, accounting for 98.9 percent of the total.

These enterprises account for 67.6 percent of the province's tax revenue and over 80 percent of its employment opportunities. They also played a significant role in investment and foreign trade, with private investments growing by 7.6 percent year-on-year and private enterprises accounting for 75 percent of the province's total import and export value.

The success of Shandong's private economy can be attributed to several factors. First, the province has a large number of innovative private enterprises. Of the 50,000 small and medium-sized private enterprises that are classified as being science and technology-oriented, 51 were in the top 500 for R&D investment in 2024.

Shandong also supports private enterprises through its major scientific and technological innovation projects, with more than 90 projects led by private enterprises, accounting for over 75 percent of the total. Thanks to the province's continuous efforts, its business environment has ranked in China's top 10 for the past four years.

Shandong's private enterprises are not only active in traditional industries but also in emerging and future-oriented ones. One example is Weihai Guangwei Group; originally known for its fishing rods, it has expanded into aerospace by producing carbon fiber materials. Shandong Dongming Petrochemical has developed a new process for high-end polyolefin elastomers, marking a breakthrough in the petrochemical industry.