Fengtai District Boosts Private Economy with Comprehensive Support System

“Ninety-eight out of every 100 enterprises in Fengtai are private-owned,” and “the intellectual property pledge financing volume of enterprises in Fengtai accounts for nearly 50 percent of that in Beijing.” In recent years, Fengtai District of Beijing has emerged as a dynamic hub for the private economy, which has shown strong resilience and vitality in its development.

A deputy to the National People's Congress, who is also Secretary of the CPC Fengtai District Committee, stated that guided by the “Doubling Growth, Catching Up and Cooperative Development” strategy, Fengtai has been fully committed to building a dynamic zone for the private economy. It has comprehensively implemented the “Seven Ones” Project to construct a full-chain support system for the private sector.

“Fengtai has always attached great importance to the development of the private economy,” the deputy noted. The “Seven Ones” Project includes establishing the Fengtai Private Economy Promotion Center to provide full-chain coordination services for private enterprises; setting up the Beijing Future Entrepreneurs Association to build a comprehensive empowerment platform focusing on serving private entrepreneurs; creating the Beijing Private Enterprise Science and Technology Innovation Center to offer one-stop services such as precise policy consultation on scientific and technological innovation and key technology docking for private enterprises; and constructing the Beijing Private Enterprise Reception Hall to form a core position for government-enterprise docking and cooperation.

In addition, Fengtai has established the “Beijing Future Entrepreneurs Special Fund”, explored the Beijing Future Entrepreneurs Training Camp, and held the Fengtai Conference on the High-Quality Development of the Private Economy. These measures aim to build a precise resource docking platform and gather synergy for the development of the private economy.

The deputy added that Fengtai will make key breakthroughs in several critical areas related to the development of the private economy. Firstly, it will continue to run the Future Entrepreneurs Training Camp well to foster a contingent of new-era future entrepreneurs. Secondly, it will enhance the overseas competitiveness of private enterprises by launching the “Benefit Enterprise Action” to provide legal protection for enterprises going global, making Fengtai a fertile ground for private enterprises to invest and start businesses, as well as a harbor for them to sail overseas.

Thirdly, Fengtai will deepen the coordinated development between state-owned and private enterprises. Fourthly, it will focus on key fields and release an urban scene opportunity list, enabling more innovative achievements to quickly move from the “laboratory” to the “production line” and integrate into the “livelihood scene”.

With a comprehensive support system and targeted measures, Fengtai is well-positioned to further unlock the potential of the private economy, providing solid guarantees for private enterprises to grow and thrive, and injecting sustained momentum into the high-quality development of the regional economy.