Guizhou's private sector expands as business environment improves

In recent years, Southwest China's Guizhou province has introduced measures to optimize the private sector's development environment and fully support the healthy growth of private enterprises.

As the influence of pro-private sector policies unfolds, market entities' enthusiasm, initiative, and creativity have been unleashed, fueling the expansion of private enterprises. By 2024, Guizhou's private sector comprised ‌4.45 million market entities‌, accounting for ‌96 percent of all entities in the province. The added value of the private economy reached ‌1.25 trillion yuan ‌($170.86 billion), with its GDP share rising from ‌53 percent in 2020 to 55 percent in 2024‌.

In 2024, the private economy showed robust performance, with standout contributions to foreign trade and stronger private investment confidence. Private import-export enterprises grew by ‌26.2 percent year-on-year‌, while private sector trade surged ‌17.8 percent‌. Private fixed-asset investment grew by ‌1.5 percent‌, outpacing overall investment growth by ‌0.9 percentage points‌, reflecting improved market expectations and entrepreneurial optimism.

In 2024, value-added output from private industries above a designated size (20 million yuan in main business revenue) rose by ‌10.1 percent year-on-year‌, exceeding the provincial average by ‌1.9 percentage points‌, and accounted for ‌32.6 percent of total industrial output, up ‌1.1 percentage points‌ year-on-year.

Guizhou's private enterprises signed ‌3,487 new investment projects ‌in the same year, with contracted investments totaling ‌497.26 billion‌ yuan. Sixteen top-tier private enterprises, including Fortune Global 500 enterprises, established operations in Guizhou.

Through systemic reforms, market optimization, and strengthened legal safeguards, Guizhou is crafting a thriving ecosystem where the private sector plays a key role in innovation and progress.