Chongqing’s private sector has become a cornerstone of the city’s economic development, contributing significantly to GDP, employment, and rural revitalization efforts.
Economic Contribution
During the 14th Five-Year Plan period (2021–2025), the value added by Chongqing’s private sector increased from 1.48 trillion yuan to 1.98 trillion yuan, raising its share of the city’s GDP from 59% to 61.6%. The number of private market entities grew from 2.901 million to 3.673 million, accounting for 97.8% of all market entities in the municipality.
Employment and Rural Revitalization
In 2024, private firms in Chongqing employed approximately 640,000 people and invested 63 billion yuan in rural revitalization initiatives. These efforts included pairing with 5,919 villages and launching 13,146 village revitalization projects.
Support for Individual Businesses
Chongqing has implemented policies to support its 2.55 million individual businesses, which face challenges such as short average lifespans and high financing costs. Measures include easing financing, allowing temporary sales points, and integrating data from various departments to create precise credit profiles, facilitating easier access to loans.
Technological Innovation
The private sector is also a key driver of technological innovation in Chongqing. By 2024, the city had 8,042 private high-tech enterprises, accounting for 91% of the total. R&D spending by the top 100 private enterprises reached 22.3 billion yuan, up 25% year on year.
Chongqing’s private sector continues to play a vital role in the city’s economic landscape, fostering growth, innovation, and community development.