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19 SIP Private Enterprises Become "100-Millionaires"

Civilian-run enterprises of Suzhou are growing in size in the vigorous development of the private sector of economy. In SIP alone, there have appeared 19 private enterprises, each of which has assets more than 100 million RMB, while the total registered capital of private enterprises in SIP increased by 1.68 times in three years.

At the 2004-2006 SIP summary and citation conference on development of private economy on Feb. 12, SIP sources revealed that through 3 years’ efforts, the "3-year development plan for private enterprises" had achieved remarkable progress in both competitiveness and social service quality. The number of private enterprises and individual businesses increased respectively by 5,000 and 8,500, with newly registered capital of 17 billion RMB and adding 68,000 jobs. The employees in private sector reached 118,000.

At present, 12 enterprises in SIP have organized private enterprise groups, and the private enterprises now claim an average registered capital of 2.57 million RMB, higher than the average level in Jiangsu Province by a big margin. New Haiyi and Golden Mantis were successfully listed last year.

New targets were formulated at the conference. By the end of 2010, SIP will foster one private enterprise group with annual sales avenue of 3 billion RMB, another 40 private enterprises with registered capital of 100 million RMB each, and 2 industrial clusters with annual sales avenue of 5 billion RMB each, 3 famous trademarks, 6 national-level quality inspection-exempted products, and 270 new technology-oriented private enterprises.

Feb. 13, 2007

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