Qingdao, Shandong province [Photo provided to chinadaily.com.cn]

The eastern coastal city of Qingdao, Shandong province will continue to encourage, support and guide the development of the nonpublic sector, boost confidence among private enterprises and stimulate market vitality for greater economic growth, according to local authorities.

In recent years, the city has launched various beneficial policies for private companies and continued to ramp up efforts to provide an enabling environment for private enterprises, protect their property rights and the rights and interests of entrepreneurs in accordance with the law, as well as facilitate the growth of the private sector.

According to official statistics, the private sector has contributed to more than 50 percent of the city's total investment, 60 percent of its tax revenue, 70 percent of its imports and exports, 80 percent of its new urban jobs, and more than 90 percent of its number of market entities.

Qingdao has launched specific measures to cultivate more small and medium-sized enterprises as leaders in niche sectors with a high market share and a strong innovation capacity.

In 2022, Qingdao recognized 3,716 municipal-level outstanding small and medium-sized enterprises, with a year-on-year growth of 50.1 percent. It also added 54 "little giant" enterprises, bringing the total number to 151.

This year, the city plans to further improve the business climate, make the market more volatile, take more measures to encourage innovation and boost the high-quality development of the private sector, local officials said.