According to Qingdao Administration for Market Regulation, Qingdao saw 262,500 newly-registered market entities in 2022, 99.17% of which were private businesses. As of the end of 2022, Qingdao boasted over 2.05 million market entities, increasing by 4.7% year on year.

Among the newly-registered market entities, there were 106,526 enterprises, accounting for 40.57%, and 155,407 individual industrial and commercial households, occupying 59.19%. Structurally, the tertiary industry saw the highest proportion and occupied 86.32% followed the secondary industry that accounted for 11.87%. Notably, privately-run businesses occupied 99.17% of the increment in market entities.

Since the beginning of last year, Qingdao has given play to the role of private economy in stabilizing growth and taken action to boost its private businesses.

(Wu Shuai)

Manufacturing shop of Cotte, a famous private business in Qingdao.

By Wang Tao