Private firm mecca Fujian punching above weight

The private economy has become a key driver of economic growth and technological innovation in East China's Fujian province, as local private firms have contributed 70 percent of GDP and tech breakthroughs in the province, said a local government official at a recent news conference.

Industry experts said this reflects broader efforts from one of the earliest birthplaces of private enterprise activity in the country, and successful support of the innovative development of such firms with encouragement to play a larger role in economic recovery and future development.

Zhang Wenyang, deputy director of the Fujian Development and Reform Commission, said that private companies, which account for 94 percent of Fujian's total enterprises, have also contributed to 70.6 percent of tax revenue and 80 percent of urban jobs.