As one of the regions boasting the most dynamic private sector in the nation, Guangdong recently established a Private Sector Development Bureau under its provincial development and reform commission.

In the recent Guangdong Provincial High-quality Development Conference, private enterprises actively participated in the discussion of future high-quality development, alongside delegations from all walks of life. In 2024, the number of registered operational entities in Guangdong exceeded 190 million, ranking at the top in the nation.

The Guangdong private entities have played an important role in stabilizing economic growth, facilitating innovation and employment, and improving people’s livelihood. Among the entities, the number of private sector ones reached 183.787 million, accounting for 95.48% of the total and contributing to over half of the province’s GDP, over 60% of its import and export volume and tax revenue, over 70% of its technological innovations and over 80% of the jobs created.

With much importance attached to the private sector, the newly established Private Sector Development Bureau is set to provide multiple services on all fronts for private enterprises through better coordination, policy implementation, communication, and problem-solving.

Firstly, it will implement the existing favorable policies for private enterprises and issue more policies to further improve the business development environment and provide substantial benefits for private enterprises. Legislation in the private sector will also be facilitated.

A face-to-face symposium with the provincial governor is regularly held as a communication mechanism between the government and private enterprises to fully support the development of the private sector. This mechanism will be further optimized to better track the problem-solving process for timely responses to development issues faced by private enterprises.

To deepen structural reform in the investment and financing sector and stimulate private investment, the Bureau will continuously promote demonstration projects for private capital investment, lift market access barriers, open competitive areas in infrastructure construction to operational entities, encourage private capital to invest in the construction and operation of key projects, and optimize the long-term mechanism for private enterprises to hold shares in key projects.

In import and export, the private sector of Guangdong saw a volume of 5.8 trillion yuan in 2024, with an increase of 15.2%. In the future, to aid private enterprises in going global and cultivate joint ventures, the Bureau will support them in securing overseas orders and establishing overseas research and development centers, production facilities, and logistics and storage bases.

(cnbayarea.org.cn & GDToday)