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Private economy becomes an important driving force for Shenzhen's high-quality development

Source:CICCPS Release time:2019/9/10 16:42:56 
As an important base for scientific and technological innovation and private economic development in China, Shenzhen has vigorously implemented the "Private Economic Doubling Plan" in recent years, constantly optimizing the business environment, stimulating the vitality and creativity of enterprises, and sustaining, rapid and healthy development of private economy. Reporters learned yesterday that the number of private enterprises accounts for more than 96% of the total number of enterprises in Shenzhen, which has become an important driving force for high-quality development in Shenzhen.

Hot Land for the Growth of Private Economy

Statistics show that the number of private enterprises in Shenzhen has maintained a high growth rate of more than two digits for many years. As of May 2019, there were 314,349,970 private economic and commercial entities in the whole city, accounting for 97.66% of the total. Among them, 195.34.59 million private enterprises, accounting for 96.29% of the total number of enterprises in the city. The role of private economy is increasingly significant. In the first quarter, Shenzhen achieved a GDP of 573.403 billion yuan, of which the added value of private economy was 250.914 billion yuan, accounting for 43.76% of Shenzhen's GDP in the same period. The added value of private economy increased by 9.4% year on year, which was higher than the GDP growth rate of the whole city. In the same quarter, private enterprises in Shenzhen paid 11.51 billion yuan in tax revenue, an increase of 7.6% over the same period of last year, accounting for 67.2% of the total tax revenue paid by enterprises in Shenzhen.

Among the seven listed Shenzhen enterprises in the latest 2009 Fortune 500 list, Huawei, Tencent, Zhengwei and Hengdu are mostly private enterprises. In the first half of 2019, in order to achieve sales revenue of 401.3 billion yuan, Huahua planned to invest 120 billion yuan in R&D in 2019. A series of core technologies, such as Hongmeng system and Kirin AI chip, independently developed by Huahua, made it the world's top in the field of communications.

Creating First-class Business Environment through System Innovation

Why did Shenzhen have such enterprises as Huawei, Tencent and BYD? This is the product of Shenzhen's adherence to reform and opening up, and also the result of continuous institutional innovation by the Municipal Committee and the Municipal Government to create a good environment for the development of private enterprises.

In October 2010, Shenzhen promulgated and implemented the Regulations on Promoting the Development of Small and Medium-sized Enterprises in Shenzhen Special Economic Zone, which guarantees the development of small and medium-sized enterprises, mainly private enterprises, at the level of the rule of law. In the next few years, a number of measures have been introduced to implement the guiding spirit of the central government on the development of private enterprises in a timely manner, and to further support the development of private economy with practical actions.

Innovation Becomes the Source of Vitality of Private Enterprises

Shenzhen has been closely linked with innovation since its birth. Nowadays, the culture of mass entrepreneurship and innovation has gone deep into the marrow. Innovation of private enterprises has become an important engine of high-quality economic development in Shenzhen.

Up to now, there are more than 14,000 state-level high-tech enterprises in Shenzhen. 73% of the authorized invention patents, more than 80% of the innovative carriers and state-owned high-tech enterprises, 91% of China's well-known trademarks, 93% of the national intellectual property advantage enterprises and 96% of Guangdong's famous brand products are from private enterprises. Private enterprises have become the main force in R&D investment, attracting R&D personnel and undertaking major scientific and technological projects. The transformation rate of innovation achievements is leading in China, and the characteristics of innovation-driven development are prominent. For example, Huahua spent 101.5 billion yuan on R&D expenditure in 2018, ranking fifth globally and first domestically. By the end of 2018, it had obtained 87,805 patents globally.

Shenzhen has not only emerged a number of leading private enterprises in Tencent, Huawei, BYD and Dazu Laser industries, but also nurtured a large number of industry champions in the field of subdivision. Private enterprises such as the preferred choice of robotics industry, Jiyang in the field of power battery manufacturing, and brilliant new materials in the field of new materials are the representatives of them. By the end of 2018, 189 private enterprises, accounting for 92.2%, were listed on the SME GEM in Shenzhen. In terms of strategic emerging industries, private economy contributes more than 50% to economic growth, becoming the real main engine.
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