Laoshan district in Qingdao, Shandong province has been ramping up efforts to promote the development of the private economy, which is considered to be a central engine of economic growth, a driver of innovation and a source of tax revenue for public expenditure.

On Nov 22, Laoshan held a symposium on high-quality development of the private economy that outlined a road map for support of the private sector in the district.

As the district with the highest concentration of high-tech enterprises and the largest number of unicorn enterprises in Qingdao, Laoshan is responsible for superior advances in the city's private economy, said local officials.

Laoshan boasts a vibrant private economy. [Photo provided to chinadaily.com.cn]

Currently, there are 92,700 private market entities in the district, including 50,400 individual businesses and 42,300 private enterprises. Based on the resident population, there is one self-employed boss for every 10 people and one private entrepreneur for every 12 people in Laoshan.

Private industrial enterprises above designated size account for 55 percent of Laoshan's industrial enterprises above designated size.

By the end of September this year, private investment in Laoshan had reached 17.33 billion yuan ($2.49 billion), accounting for 66.5 percent of the district's total fixed asset investment.

Seventeen enterprises based in Laoshan were listed in the top 100 private enterprises in Qingdao in 2022 and 24 were cited as leading private benchmark enterprises in the city this year.

The district also launched 20 new policies to support the development of the private economy. They are targeted at stimulating innovation, fostering and developing market players, enhancing the core competitiveness of enterprises, facilitating financing channels, promoting an open economy, and boosting talent cultivation.

The policies will provide support for the full life cycle of enterprise development, the whole chain of industrial expansion, and product innovation and creation, as well as overall market operation, said local officials. It is expected that more than 200 million yuan will be allocated for local enterprise development every year.