Booming private economy drives high-quality growth in Binzhou

Binzhou, known for its industrial prowess in East China's Shandong province, has seen booming development in its private economy. It has successfully nurtured five major advantageous industrial clusters, including the high-end aluminum industry, fine chemicals, intelligent textiles, food processing, and animal husbandry and aquatic products.

Binzhou has prioritized the development of its high-end aluminum industry as a cornerstone of its economy, capitalizing on the region's robust aluminum industry base and distinctive competitive edge. [Photo/WeChat account: sdzhengqing]

As of the first quarter of this year, the city boasted a total of 466,900 private market entities, marking a 1.63 percent growth year-on-year. Among these, there are 78,700 newly registered private enterprises, a 5.47 percent year-on-year increase, with a total of 26.22 billion yuan ($3.7 billion) in tax payments.

The robust foundation of the private economy has laid the groundwork for the high-quality development of Binzhou's economy. Weiqiao Pioneering Group is a private enterprise in the city. This mega-enterprise, ranking 172nd in the Global Fortune 500 list, operates 18 production bases domestically and internationally, employing 100,000 people with total assets of 260 billion yuan and boasting complete closed-loop industrial chains in textiles and aluminum.

In 2023, Binzhou's high-end aluminum cluster achieved an operating income of 433.1 billion yuan. The city leads the nation in alumina production, electrolytic aluminum, and aluminum processing, with a significant share of national production. The high-end aluminum industry has become the backbone of Binzhou's industrial development.

To better serve private enterprises, Binzhou has established an integrated online and offline service platform, which has made it easier for enterprises to access subsidy funds. Moreover, various recruitment activities have effectively alleviated the labor shortage for private companies.

An aerial view of the cityscape of Binzhou. [Photo/WeChat account: sdzhengqing]