The Private Economy High-Quality Development (Taizhou) Summit commences in Taizhou, East China's Zhejiang province Nov 29. [Photo provided to chinadaily.com.cn]

The Private Economy High-Quality Development (Taizhou) Summit commenced in Taizhou, East China's Zhejiang province, Nov 29.

The 2020 list of Zhejiang top 200 private enterprises, Zhejiang top 100 private enterprises in creating employment opportunities and Zhejiang top 100 enterprises in research and development (R&D) spending were unveiled by Zhejiang Federation of Industry and Commerce at the conference.

The three lists were compiled based on surveys of nearly 900 companies, each with revenue of more than 500 million yuan ($76 million) from the province.

Chen Hao, deputy head of the United Front Work Department of the CPC Zhejiang Provincial Committee, pointed out that the private economy is an outstanding feature and a highlight in Zhejiang's development.

A total of 96 enterprises from the province were listed among China's Top 500 Private Enterprises this year, four more than last year. Since 1998, Zhejiang has led the nation in terms of number of companies on the list for 22 consecutive years.

Li Yueqi, Party chief of Taizhou, said that as a pioneer in the nation's private economy development, the city will sustain its efforts to seek growth in the private sector.

On Jan 15, 1983, China's first joint-stock enterprise was established in Taizhou. The private sector now has become a prime economic growth driver in the city. In 2018, private companies in Taizhou accounted for 99.5 percent of the city's total enterprises, contributing 92 percent and 77.5 percent of the city's tax revenue and GDP respectively, 42 percent and 17 percent higher than the national averages.