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City trains budding business brains for the future

By Li Xiaokun | China Daily | Updated: 2017-08-29 09:02

The government of Quanzhou, Fujian province, may be one of the most diligent in China at nourishing private capital. So seriously does it take its role that it has even opened training courses for the adult children of local entrepreneurs to nurture them for future managerial roles.

Kang Tao, the city's mayor, said it is essential to hire the right people. "The key to business transformation and upgrading lies with people," he said. "We believe we have a responsibility to cultivate both the bosses in position now and those for the future."

The move is closely related to the city's history. As one of China's most vibrant urban economies, Quanzhou has long viewed private capital as a crucial component of its financial well-being.

Figures provided by the Development and Reform Commission show that the city's private economy has grown at an average of more than 30 percent a year since the reform and opening-up policy started in the late 1970s.

Private enterprise accounts for more than 90 percent of all businesses in Quanzhou, and the private economy accounts for more than 80 percent of the city's economic output and about 70 percent of tax revenues.

Private investment reached nearly 147 billion yuan ($22 billion) in the first half of this year, a rise of almost 18 percent compared with the same period last year, despite the sluggish economic background at home and abroad.

"We have paid special attention to the second generation of entrepreneurs. Compared with the older generation, they have both innovative thinking and capabilities," said Kang, adding that the government will give full support to, and examine, the development of several new sectors via young entrepreneurs and nourish a new batch of fast-growing, innovative companies.

For example, Live Show Wonderland, an advertising industry park established by a second-generation entrepreneur, has attracted more than 300 companies with a combined production value of 1.6 billion yuan.

Kang said the authorities will also use government funds to attract more private capital to the technology industry.

The city has established an industry investment fund with registered capital of 5 billion yuan, in addition to number of secondary funds, to support innovative new companies.

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