Private economic development discussed during Zhoushan's annual two sessions

A worker processes the injection molding machine screw at the Xihou Industrial Zone in Jintang Island, Dinghai district, Zhoushan, East China's Zhejiang province on Jan 8. Jintang Island is the nation's largest production base for injection molding machine screws, taking up over 70 percent of the domestic market share. [Photo/IC]

"New ideas and targeted practices are needed to ease the burden for private enterprises and create more opportunities for them to develop," a consensus reached by members of the 7th Zhoushan Committee of Chinese People's Political Consultative Conference (CPPCC) during the recently closed annual two sessions of Zhoushan. 

Zhoushan has had more than its fair share of private companies over the past four decades since China initiated the reform and opening-up policy, making significant contributions to the city's economy and society. 

Statistics show that Zhoushan's private companies now exceed 10,000, accounting for 90 percent of the city's total companies. Their assets and annual revenues take up half of all the companies in the city. 

Nevertheless, challenges still exist for these companies, especially regarding cost increases and financing difficulties, as shown in surveys by local authorities in recent years.