E. China's Zhejiang to ignite high-quality development of private economy by compiling index

An automated production workshop for electronic machines of a private firm in Zhejiang, Feb. 15, 2019. (Xinhua/Huang Zongzhi)

BEIJING, Aug. 31 (Xinhua) -- Compiling work for the China private economy (Zhejiang) high-quality development index, a gauge measuring development of private economy in east China's Zhejiang Province, was kicked off on August 28.

The index will be jointly compiled by Zhejiang Federation of Industry and Commerce (ZJFIC) and China Economic Information Service (CEIS) of Xinhua News Agency to further propel the provincial private economy ahead.

Wang Jianyi, president of ZJFIC said compiling the index would enable the high-quality development of private economy in Zhejiang Province and continuously improve its development strengths.

For a long time, private economy has been the most eye-catching characteristic, the largest growth driver and the biggest advantage of Zhejiang, known always as the business name card of the province where private economy contributes over 60 percent of gross provincial product, over 70 percent of tax incomes, over 80 percent of urban employment and over 90 percent of businesses.

Lv Xuehui, director of CEIS Zhejiang Center noted that jointly compiling the China private economy (Zhejiang) high-quality development index would help craft a "barometer" and a "wind vane" for the high-quality development of Zhejiang's private economy.

China private economy (Zhejiang) high-quality development index is designed to cover parameters on five aspects such as private business size, development stage, development-driving power, environment for development and governmental service performances to comprehensively embody the development and quality of private economy in Zhejiang.

According to Lv, effective supports will be formed for the scientific decision-making and policy implementation of Zhejiang provincial government by compiling the index. What's more, a flagship index model for guiding high-quality development of China's private economy is expected to take shape during the process of the index compiling, exploring the establishment of an appraisal indicator system for high-quality development of China's private economy. (Contributed by Hu Yimin, Cai Rongrong, edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)