Qingdao, Shandong province, offers magnificent views of red tiles, green trees, blue seas and azure skies. [Photo by Song Zhe/For chinadaily.com.cn]

Qingdao, a coastal city in East China's Shandong province, has served as a pacesetter in the country in terms of promoting the development of the private economy.

Since the inception of the Private Economy Development Bureau in January 2019, the number of private market entities in the city has increased by 548,000, and the revenue of private enterprises has exceeded 10 billion yuan ($1.37 billion).

The central government recently approved the establishment of the Private Economy Development Bureau (PEDB) under the National Development and Reform Commission (NDRC) as part of the nation's efforts to promote the development of the private economy, strengthen policy coordination in related fields, and ensure the timely implementation and effectiveness of major policies.

On Jan 17, 2019, Qingdao became the first city in the country to establish a PEDB, a move that is expected to drive the development of the private economy.

The main role of the PEDB is to analyze the development of the private economy and formulate policies to promote its development. The focus is purely on serving enterprises and not enacting regulations.

In less than five years, the proportion of private investment in Qingdao had increased by 7.4 percent, and the proportion of imports and exports by private enterprises increased by 12.1 percent.

In 2021, Qingdao was selected as one of the first national demonstration cities for the private economy, making it the only northern city among the eight pilot cities. Fourteen practices supporting the reform and development of private enterprises in Qingdao were promoted across the nation.

To address the common challenges faced by private enterprises, such as difficulties in innovation, acquisition, and financing, the Qingdao PEDB has rolled out a series of initiatives and approaches.