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Rongchang District Leads the Way in Boosting China’s Private Economy

BusinessRongchang District Leads the Way in Boosting China's Private Economy

As China’s private companies play an increasingly important role in the country’s economy, local governments have been searching for ways to encourage these companies to participate in and benefit from national development projects. In Chongqing, a joint effort by three private companies has created an industrial park that serves as a demonstration project for cooperation between Chongqing and Sichuan province. The Chongqing Electronic Circuit Industrial Park was built by Chongqing Yuhan Electronic Technology Co Ltd, Sichuan Lvran Technology Group, and Rongchang High-tech Industrial Development Zone. Over 50 companies have signed investment agreements to locate in the park, making it an attractive destination for electronic circuit companies from China’s coastal regions.

Recently, over 400 private companies from Chongqing and Sichuan attended the first summit on high-quality development and cooperation in the private economy in the Chengdu-Chongqing economic circle. At the summit, companies were informed about national projects and policies, looked for investment opportunities, exchanged ideas, and signed deals for 23 projects worth a total of 31.81 billion yuan ($4.61 billion). These projects include new energy, electronic information, equipment manufacturing, and new materials.

The Chengdu-Chongqing economic circle was designated a fourth national key region in January 2020, after the Yangtze River Delta region, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Beijing-Tianjin-Hebei region. The two jurisdictions have integrated resources to promote the high-quality development of western China, with the two sides having drawn up around 20 development plans for regional integration, transportation infrastructure construction, and coordinated industrial and science development.

Rongchang, known as China’s animal husbandry science and technology base and a major connecting point in the Chengdu-Chongqing circle, has shown a strong edge in boosting the private economy, which accounts for 80 percent of the district’s GDP. Officials say that last year, Sichuan’s private economy accounted for 53.7 percent of the province’s GDP, while in Chongqing, the figure was 59.7 percent.

Thanks to national development plans and a sound business environment, companies in the Rongchang district, including Shangcheng Apparel Group, Chongqing Qiaqia Food Co, Chongqing Zhaohong Agricultural Development Co, and Huida Sanitary Ware Co Ltd, exported more than 1,500 containers of goods abroad via the China-Europe express rail, the land-sea trade corridor, and the Yangtze River.

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