As a province with booming private economy, east China’s Jiangsu province has stepped up its efforts to implement the spirit of the 19th CPC National Congress to further releases the enterprise vitality and boost the competitiveness of the private sector in a variety of ways.
In Nanjing Yuebo Power Systems Co., Ltd., the production line is assembling more than 1000 sets of "pure electric vehicle powertrain system" that will be sent to the assembly plant.
According to Jiang Yuanguang, head of Yuebo’s power research institute, in the past, electric vehicles in China was driven by a single direct drive mechanism that takes the power coming from a motor without any reductions.
Yuebo’s powertrain integrating permanent magnet synchronous motor and automatic gearbox features a reduction of 30% in weight and increase of 20% in endurance, enabling it to be granted more than 200 patents.
Yuebo used to be worried about the further expansion of industrialization and the timely help from the provincial authorities helped the company gain access to the capital and policy support.
The development of the brick-and-mortar economy rests with the manufacturing sector. With the private sector making up more than half of the province’s economy, Jiangsu has made further efforts to guide the private enterprises in the transformation towards the high-end development.
The provincial commission of economy and information technology aimed at the needs of enterprises to carry out precise services by refining and implementing preferential policies for the private sector.
In the meantime, it also made efforts to stimulate the vitality of enterprises as market entities and establish a backup system to help small and medium-sized enterprises solve their bottlenecks in information, technology, market, funds and other areas. In the past three years, the commission affirmed the status of 300 SME public technical service platforms to help SMEs and private enterprises develop new products to meet market demand and future development trend.
In a positive and relaxed development environment, Jiangsu has recorded a daily registration of 1350 new private enterprises since the start of this year.
In the first three quarters, industrial private investment rose 7.9%, 1.7% higher than all industrial investment and accounting for 86.3% of the entire industrial investment in the province.
The growth rate of the private enterprises above the designated scale is higher than that of the entire province with the industrial added value contributing 55% to the provincial total.
At present, 120 private enterprises in Jiangsu top the nation’s market shares by contributing 60% to the province’s manufacturing sector. The private SMEs have contributed 65%, 75% and 80% to the province’s possession of invention patents, corporate technological innovation and new product development.
