Chongqing to boost private economy

Chongqing Federation of Industry and Commerce has mapped out overall plans to further promote the development of the city’s private economy. Within the next five years, Chongqing will develop 3 business groups with assets at hundred-billion-yuan level, 20 at ten-billion-yuan level and 200 at billion-yuan level.

In addition, efforts will also be intensified to establish 5 hundred-billion-yuan-level industrial clusters covering several industries including automobile and motorcycle manufacturing, electronic information, Pharmaceuticals and medical appliances manufacturing, and 15 to 20 project clusters involving such areas as bio-medicine, new materials, and logistics.

To bring those plans into fruition, emphasis should be put on the following four aspects.

First, to speed up the transformation and upgrading of key private enterprises through technological reform and advanced equipment introduction, government support for listing, independent innovation platform, research and development base, and “go global” strategy.

Second, to facilitate fund-pooling and cooperation among private enterprises, and guide and encourage the merger, acquisition, and restructuring of major private corporations so as to integrate industrial resources.

Third, to set up special investment and financing service institutions for private enterprises.

Fourth, to establish one-to-one supportive partnership between small and micro businesses and large and medium-sized enterprises as well as chamber of commerce to promote intensive operation and cluster development of small and micro businesses.

Zhou Kang