China's Qingdao Private Economy Exceeds Conventional "Acceleration"

At the beginning of the new year, affected by the epidemic, many people were worried about the economic situation in the first quarter. However, entering the field of Qingdao's private economy, I feel more optimistic.
 
According to the data released by Qingdao Municipal Bureau of Statistics on February 17, in 2019, Qingdao's private investment increased by 20.9%, 13.8 percentage points higher than the previous year, accounting for 52.5% of the city's investment. The import and export of private enterprises increased by 21.5%, accounting for 59.6% of the city's total, up 5 percentage points from the previous year. The city's private economy has employed 609,600 people, accounting for 81.81% of the city's new urban employment.


The latest statistics show that Qingdao's private investment accounts for 52.5% of the city's investment and 51.1% of the city's investment growth, becoming an important supporting force for fixed asset investment.


As the "leading role" of investment, Qingdao's private investment reached a growth rate of 20.9% in 2019, not only 16.2 percentage points higher than that of the whole country. And different from the pattern that real estate accounts for the majority in many cities, industrial projects are the mainstream in Qingdao's private investment.
 
Qingdao has introduced a total of 44 private top 500 enterprise investment projects, 648 "Four New" enterprise projects and 6 unicorn investment projects throughout the year, including a number of high-quality projects such as Hua Xun Fangzhou Northeast Asia Headquarters, Wanyang Group's 10-billion-grade Zhongchuang City, BYD New Energy Shared Vehicle, etc.
 
The strong investment growth in Qingdao in 2019 is making more and more entrepreneurs choose Qingdao as their first choice when making investment decisions.


Apart from investment, the rapid growth of import and export of private enterprises is gratifying.
 
In 2019, the import and export of private enterprises in the whole city was 353.25 billion Yuan, up 21.5% year on year, 10.1 percentage points higher than the overall growth rate of the whole city, and 10 percentage points higher than that of private enterprises in the whole country. Private enterprises' import and export accounted for 59.6% of the city's total foreign trade value in the same period, up 5% from the previous year, becoming the absolute main force and powerful engine of Qingdao's import and export.
 
Under the severe situation of internal pressure of transformation and external trade friction between China and the United States, this achievement is not only due to the landing of various "foreign trade stabilization" policies and measures, but more importantly, private enterprises themselves actively welcome the transformation, continuously tap business opportunities and expand the "circle of friends" of foreign trade.


The optimization of the product structure of Qingdao's private enterprises is also an important reason for the steady increase in performance. Exports of high-quality, high-tech and high-value-added goods are growing strongly, of which 74.46 billion Yuan, or 34.2%, are exported to mechanical and electrical products, providing new impetus for Qingdao's foreign trade growth.
 
Innovation and entrepreneurship are the genes of private economy.


As of December 2019, the city has nearly 1.512 million private economic market players, accounting for 97.86% of the city's total market players. Based on Qingdao's resident population of 9.934 million, the average number of private market players per 10,000 people is 1,609.
 
Even under the background that the whole national venture capital market is in winter, Qingdao is still active and more and more capital and entrepreneurs flock to Qingdao.
 
With its industrial advantages and policy support, Qingdao is increasingly becoming a hot spot in the new economy. In 2019 alone, five enterprises will be selected as "little giants" specialized in specialty and specialty, six enterprises will be listed as "unicorns", and more than 650 new high-tech enterprises will be added.


In this way, Qingdao's private economy is developing at an extraordinary speed. The city's economic map will be rewritten to be more colorful, balanced and competitive.
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