Taiyuan boosts private sector of economy

A conference on the high-quality development of the private sector of the economy in Taiyuan, capital of North China's Shanxi province, was held on June 30. 

The conference commended the representatives of excellent private enterprises, entrepreneurs, individual industrial and commercial operators, and business associations. 

The local municipal government interpreted the policies as supporting the high-quality development of the economy's private sector. In particular, Taiyuan's reward for each professional, innovative, and competitive small and medium-sized enterprise with solid growth potential in a specific industry is 3.3 million yuan ($455,522.37) at most, the highest within the province and six provincial capitals in Central China. 

In recent years, Taiyuan has introduced a series of policies to help enterprises and benefit enterprises to promote the prosperity and development of the private sector. 

The added value of the private sector increased from 95.57 billion yuan in 2015 to 188.95 billion yuan in 2022; the market entities in the private sector reached 763,000 in 2022, accounting for 99.1 percent of all market entities. 

In addition, for 2022 alone, the private businesses paid 40.14 billion yuan in taxes, accounting for 57.4 percent of the total, and employed 1.62 million people – 62.4 percent of the total employed people in the city.