New policy measures to boost Quanzhou's private enterprises

Quanzhou will introduce a series of policy measures, including incentives for scientific and technological innovation, to support private enterprises as the city targets about 5.5 percent GDP growth this year, Mayor Cai Zhansheng said in an interview.

An economic powerhouse in Fujian province, Quanzhou's total economic output surpassed 1.3 trillion yuan ($179 billion) last year, growing 6.5 percent from the previous year.

Private enterprises, which make up 90 percent of all businesses in the city, contributed 70 percent of tax revenue, 80 percent of GDP, 90 percent of technological innovation achievements and 90 percent of urban employment.

"Over the past year, we have focused on the primary tasks of high-quality development, effectively pursuing economic growth while appropriately increasing economic output," said Cai, who is also a deputy to the 14th National People's Congress.

This year, the municipal government will drive the development of new quality productive forces through technological innovation, promoting the deep integration of innovation, industries, capital and talent, Cai said.

According to the mayor, Quanzhou has improved the application of scientific and technological research results by nurturing nearly 100 industrial design centers and establishing 28 pilot incubation bases.

During an inspection tour of Fujian in October, President Xi Jinping urged the province to strengthen the real economy, consolidate the strengths of traditional industries and promote industrial transformation and upgrading.

Quanzhou, which has nine manufacturing clusters each exceeding 100 billion yuan in output, including footwear, food, and textiles and clothing, has taken solid steps in promoting the digital transformation of its real economy in recent years, Cai said.

Last year, the city issued a three-year action plan and supporting measures for artificial intelligence development. A total of 130 AI application projects in industry, government affairs and health care have been launched.

"In the future, we will work to nurture innovative enterprises in AI, electronic information, new energy and new materials, enabling more companies to seek growth in new areas and new industries," Cai said.

As a key gateway in southeastern China, Quanzhou remains committed to reform and opening-up and supports its enterprises in expanding markets in countries involved in the Belt and Road Initiative, BRICS nations and other emerging markets.

The city is exploring a model centered on brand internationalization, market diversification and supply chain globalization to help businesses "go global", Cai said.

For instance, since 2009, Anta Group has acquired 43 international brands, including FILA and the parent company of Archaeopteryx, surpassing international sportswear giants in revenue.

Cai also cited stone company Yingliang Group's global industrial chain layout. By establishing branches in Turkiye and Dubai, United Arab Emirates, the company now sources 40 percent of its raw materials from countries along the 21st Century Maritime Silk Road, with 20 percent of its products sold locally.

Quanzhou, a major maritime trade hub during the Song (960-1279) and Yuan (1271-1368) dynasties, was added to UNESCO's World Heritage List in 2021 with the designation "Quanzhou: Emporium of the World in Song-Yuan China".

The city will continue to promote its cultural heritage and strengthen the integration of culture and tourism, aiming to become a global model for cultural heritage protection, Cai said.