After private economy contributes over 60% of GDP, and with the new target of 2.5 trillion yuan, Chongqing will do this during the "14th Five-Year Plan" period

Source: Times Weekly
Author: Zhou Songqing

During the 15th Five-Year Plan, Chongqing will continue to vigorously develop the private economy.

On February 26, the “Chongqing Municipal Economic and Social Development 15th Five-Year Plan Outline” (referred to as the “Chongqing 15th Five-Year Plan”) was officially released, clarifying the main goals and key tasks for Chongqing’s economic and social development during the 15th Five-Year period.

As the only directly governed municipality in central and western China, Chongqing integrates a large city, rural areas, mountainous regions, and reservoir areas, offering broad space for economic development. During the 15th Five-Year Plan, Chongqing will focus on “activating vitality,” “enhancing efficiency,” “improving environment,” and “strengthening guarantees,” promoting reforms in key areas.

Regarding the private economy, a relevant official from the Chongqing Development and Reform Commission stated at a press conference on February 26 that they will accelerate the introduction of regulations to promote the private economy, establish service mechanisms to help private enterprises reach new heights, and support private companies in fields like artificial intelligence and low-altitude economy to explore blue oceans, aiming for the added value of the private economy to reach 2.5 trillion yuan by the end of the 15th Five-Year period.

Source: Tuchong

On February 28, the “New Chongqing · New Yushang” High-Quality Development Symposium for the Private Economy was held to gather opinions and suggestions from private entrepreneurs.

Mo Yuanming, a researcher at the Chongqing University of Industry and Commerce’s Chongqing-Chengdu Twin City Economic Circle Research Institute, told Times Weekly that during the 15th Five-Year Plan, Chongqing’s private economy will face significant strategic development opportunities:

1. Fully and equally enjoying policy dividends from national strategies such as the Western Development, the Chengdu-Chongqing Twin City Economic Circle, and the Yangtze River Economic Belt, as well as the era of AI+;
2. Seizing opportunities from the “Belt and Road” initiative and the Western Land-Sea New Corridor, actively expanding beyond Chongqing and into international markets, participating in global competition, and enhancing brand competitiveness;
3. Strengthening cooperation with central and state-owned enterprises in Chongqing, establishing benefit-sharing mechanisms, actively seeking support from these enterprises, and achieving differentiated development.

Chongqing Sets a 2.5 Trillion Yuan Target

The Chongqing 15th Five-Year Plan states that regulations promoting the private economy will be introduced, and measures to ensure equal access to production factors and fair market participation will be improved. The plan also emphasizes protecting private enterprises’ property rights and entrepreneurs’ legal rights, aiming for the added value of the private economy to reach 2.5 trillion yuan.

In addition to legislative protections, the plan provides clear industry guidance for private enterprises involved in technological innovation and new industry sectors.

It supports private companies undertaking major technological research and development tasks, encourages the opening of public R&D platforms and common technology platforms to private enterprises, and accelerates the construction of major pilot platforms. It also supports private enterprises entering new industries such as artificial intelligence, embodied robots, autonomous driving, and low-altitude economy, with high-tech and tech-based private companies reaching 14,000 and 90,000 respectively.

Chongqing will also continue to stimulate private investment.

The plan states that policies allowing private capital to enter sectors where restrictions are lifted will be further improved, promoting fair access to infrastructure and other competitive fields. It will deepen government and social capital cooperation, dynamically release project lists for private capital, and improve long-term mechanisms for private enterprise participation in major government-led projects in infrastructure, public utilities, and technological innovation. Support will be provided for private capital to participate in asset revitalization through mergers, acquisitions, and franchise operations.

Mo Yuanming analyzed to Times Weekly that:
“On one hand, Chongqing is studying and planning to introduce the ‘Chongqing Private Economy Promotion Regulations,’ legally protecting private enterprise property rights and entrepreneurs’ rights; on the other hand, it is drafting the ‘Chongqing 15th Five-Year Plan’ to set the goal of reaching 2.5 trillion yuan in added value, and implementing measures to promote equal access to production factors and fair market participation. This aims to further optimize the business environment, guiding the private economy to improve quality and efficiency, stabilize growth, and achieve high-quality development during the 15th Five-Year period.”

Private Economy’s GDP Share Exceeds 60%

In recent years, Chongqing’s private economy has continued to improve, with its share in the city’s GDP steadily increasing.

Data shows that in 2023, the added value of Chongqing’s private economy was 17,932.4 billion yuan, accounting for 59.5% of GDP, with a growth rate of 5.8%. In 2024, it is projected to reach 19,822.61 billion yuan, accounting for 61.6% of GDP, with a growth rate of 6.2%. In 2025, the added value is expected to be 20,792 billion yuan, maintaining a 61.6% share, with a growth rate of 5.4%.

The Chongqing 15th Five-Year Plan also emphasizes improving the credit system for small and medium-sized private enterprises, optimizing financial services, and meeting their financing needs. It aims to expand leading enterprises, improve mechanisms for discovering and nurturing high-growth companies, support the development of small and micro enterprises and individual businesses, and cultivate more specialized, refined, distinctive, and innovative small and medium-sized enterprises and “famous, special, excellent, and new” individual businesses. Strengthening brand building for private enterprises, establishing international marketing networks and supply chains, and cultivating more Chongqing-based companies into global multinational corporations are also priorities.

The plan encourages capable private enterprises to establish modern enterprise systems with Chinese characteristics, improve governance structures, and implement the “Chongqing Business Talent Development Plan” and the “Ten Hundred Thousand” training project for young private entrepreneurs, to enhance the “New Chongqing · New Yushang” brand.

The “New Chongqing · New Yushang” High-Quality Development Symposium for the Private Economy emphasized that municipal departments and districts should proactively serve private enterprises with greater efforts and practical measures, effectively resolving issues, and ensuring policies are implemented accurately and efficiently.