Qingdao will continue to encourage, support and guide the development of the private sector and provide it with a suitable environment and more opportunities, said local authorities at a recent working conference.

According to the expected target, the number of private market entities in the city should exceed two million and the number of private enterprises should exceed 750,000 in 2022. Tax revenue and foreign trade in the private sector are expected to account for more than 60 percent of the city's total tax revenue and foreign trade.

Qingdao boasts a vibrant economy. [Photo/VCG]

Official statistics show that by November 2021, there were 1.91 million private market entities in Qingdao, a year-on-year growth of 9 percent. Private investment increased by 9.4 percent, accounting for 60.1 percent of fixed asset investment. The imports and exports of the city's private enterprises reached 515.99 billion yuan ($81.22 billion), up 39.1 percent year-on-year. The city's private sector created 323,000 new jobs, accounting for 88.1 percent of the city's new urban employment.

The private sector is an important part of the socialist market economy, and it is of great significance to promoting the healthy development of the sector and of personnel engaged in the sector, said Qingdao officials.

Qingdao has launched a slew of measures to promote the development of the private sector. "Qingdao Entrepreneurs' Day", the establishment of a small, medium and micro-sized enterprise lending guidance fund, and 14 other practices have been promoted nationwide by the National Development and Reform Commission.