As of May 23, Qingdao had more than 2 million market players, among which private market players accounted for more than 98 percent, according to official statistics.

In 2019, 2020 and 2021, the city's private investment increased by 20.9 percent, 13 percent and 8.3 percent, respectively, accounting for 52.5 percent, 57.5 percent and 59.8 percent of the city's total investment, becoming an important force driving regional economic growth.

The eastern coastal city of Qingdao boasts a vibrant economy. [Photo/VCG]

Up to now, Qingdao has 73 listed companies at home and abroad, among which 43 are private enterprises and account for 58.9 percent of the total.

Qingdao has become the only city in northern China included in the first batch of private economy demonstration cities in the country. The "Qingdao sample" to build a private economy was commended as the experimental results of reform in Shandong province.

The city has launched a slew of measures to encourage, support and guide the development of small and medium-sized enterprises to inject new vitality into local economic and social development.

Qingdao has been working to make leading enterprises bigger and stronger. In 2021, five Qingdao-based enterprises were selected as top 500 private enterprises in China, 13 enterprises were selected as top 100 private enterprises in Shandong province, and 56 enterprises were selected as top 100 private enterprises with innovation potential in Shandong province. The annual revenue of 17 private enterprises exceeded 10 billion yuan ($1.49 billion).

Efforts have been made to cultivate a new array of "little giants", or leading small and medium enterprises that specialize in niche sectors. Last year, the city added 2,417 such enterprises at the municipal level.