East China's Fujian province held a news conference to release measures for promoting the innovative development of the private economy in Xiamen, a coastal city in the province, on Aug 15.

Xiamen is a special economic zone and boasts strong private economy.

As of the end of 2020, the added value of Xiamen's private economy reached 295.95 billion yuan ($43.67 billion), an increase of 9.7 percent year-on-year, ranking first in the province. The private economy accounted for 46.4 percent of the Xiamen's regional GDP, and contributed 74.2 percent to the growth of Xiamen's regional GDP.

Therefore, Xiamen has been stepping up efforts to create a better business environment to further boost its private economy.

Among Xiamen's top 100 companies, the proportion of private companies has stabilized at 50 percent for the past five years, exemplifying the city's effective policies in supporting the development of the private economy and the ceaseless efforts of private companies.

In March 2021, Xiamen released 43 measures in six aspects including optimizing a fair and competitive market, completing accurate and effective policies, and improving an equally protected legal environment to assist private companies to develop.

In April, Xiamen released an action plan to support the development of its private companies. The plan includes practical measures such as subsidies for research and development to benefit private companies, and encourage companies to apply for key projects to solve core technological difficulties, develop their own brands based on their characteristics, and gain more market competitiveness, in order to enhance the overall high-quality development of Xiamen's economy.

In May, Xiamen initiated measures to cultivate the growth of new-generation private entrepreneurs by offering guidance in aspects like financial services and innovative development.