The coastal city of Qingdao, Shandong province

Qingdao's private economy has been expanding quickly during the 13th Five-Year Plan period (2016-20), local officials announced.

According to official data, as of October 2020, there were 1.72 million private market entities in the city, an increase of 86.15 percent over 2015. Among these entities were 610,200 private enterprises, an increase of 119.97 percent over 2015.

During the 13th Five-Year Plan period, the registered capital of the city's private economy has increased by 2.38 times.

This year, the registered capital of the city's private sector exceeded 4 trillion yuan ($605 billion) and currently stands at 4.69 trillion yuan, an increase of 238 percent over 2015.

This year, five enterprises in Qingdao were listed in the top 500 private enterprises of China, two more than in 2015. The business revenue of the five enterprises totaled 190.7 billion yuan, a record high.

Twelve enterprises in the city were ranked among the top 100 private enterprises in Shandong province in 2020, seven more than in 2016.

In 2019, the private sector generated tax revenue of 113.27 billion yuan, accounting for 64.2 percent of the city's total.

The private sector has continued to play an important role in creating employment. From January to October this year, the city's private economy created 343,100 new jobs, accounting for 82.52 percent of the city's total new urban employment.

Private investment has also continued to grow in the city. From January to October this year, the city's fixed asset investment increased by 2.8 percent, while private investment achieved a year-on-year growth of 11.6 percent.