Private investment surges in Shanxi

Private investment in key areas in North China's Shanxi province showed rapid growth in the first three quarters.

The province's private industrial investment increased 9.8 percent year-on-year, accounting for 42.9 percent of the province's private fixed asset investment and 57.2 percent of the province's industrial investment.

Private investment in agriculture, forestry, animal husbandry and fishing grew 9.4 percent year-on-year.

Investment in residential services, repairs and other services, accommodation and catering increased 283 percent and 89 percent year-on-year. Investment in culture, sports and entertainment increased 46.2 percent, wholesale and retail investment rose 30.2 percent, and investment in health and social work increased 28.9 percent. 

Since the beginning of this year, faced with the complex epidemic situation and increasing downward pressure on the economy, Shanxi has adopted a series of policies to encourage and guide the healthy development of private investment.

The private sector of the economy has gradually expanded in scale and improved in structure and development strength, becoming a crucial part of stable socioeconomic development in Shanxi. 

As of July this year, the number of market entities in the province reached 3.64 million, of which 95 percent were engaged in the private sector.

In the first half of the year, the private sector produced tax revenue of 117.38 billion yuan ($16.39 billion), accounting for 47.2 percent of the province's tax revenue.