Entrepreneurs from Zhejiang have injected vitality into the development of the coastal province's non-State economic sector and it is hoped that they will vigorously promote the entrepreneurial spirit, pioneer innovation-driven development, and strive to advance along a path of new development and productivity innovation, government officials and entrepreneurs said.

They made the remarks during the opening ceremony of the 7th World Zhejiang Entrepreneurs Convention on Thursday.

Wang Hao, Party secretary and governor of Zhejiang, praised Zhejiang's entrepreneurs, and commended their spirit of self-renewal and courage to break new ground.

He said, "The vast number of Zhejiang entrepreneurs dare to lead, work hard, and pioneer entrepreneurship, forming a vital support for the province's economic strength."

Last year, the non-State economic sector in Zhejiang contributed to 67.2 percent of the province's GDP, 71.7 percent of its tax revenue, 80.2 percent of its imports and exports, 87.5 percent of its employment, and 96.9 percent of its market entities.

During the opening ceremony, the Standing Committee of the Zhejiang Provincial People's Congress officially released the "Decision to Vigorously Promote the Entrepreneurial Spirit and Further Support and Encourage Entrepreneurs in Business Innovation," aiming to further encourage entrepreneurs to focus on practical development.

Nan Cunhui, chairman of Chint Group, said the decision not only affirms and anticipates the role of entrepreneurs but also provides robust support and powerful motivation for the growth of Zhejiang's entrepreneurs.

"From traditional industries to emerging sectors, from physical operations to cross-border e-commerce, and from deeply cultivating domestic markets to global localized operations, Zhejiang's entrepreneurs have always kept their mission in mind, working hard to excel. They have achieved outstanding results in technological innovation and have made breakthroughs in green manufacturing, digital manufacturing, and smart manufacturing. Generations of Zhejiang entrepreneurs have lived up to their youth and dedication, showcasing a courageous and responsible spirit," he said.

On Oct 12, the All-China Federation of Industry and Commerce released the 2024 Top 500 Private Enterprises in China rankings in Lanzhou, Gansu province. Zhejiang had 106 companies on the list, maintaining its national lead for 26 consecutive years. Additionally, 109 companies were listed among the "Top 500 Private Manufacturing Enterprises in China," and 19 companies were listed among the "Top 100 Private Service Enterprises in China," topping all three rankings.

At the end of September, the federation also released the "Top 500 Private Enterprises for R&D Investment" and "Top 500 Private Enterprises for Invention Patents" for 2024, with Zhejiang having 87 and 100 companies listed, respectively, leading the nation. This marks the first time that Zhejiang has achieved first place across all five lists in recent years.

Fang Yi, chairman and general manager of Merit Interactive Co, said: "As the new generation, we must dare to take the lead and explore new frontiers. The experiences of the older generation of Zhejiang entrepreneurs teach us that the road ahead is never smooth. Only those who innovate will advance, become stronger, and ultimately prevail. In this era of global economic restructuring and rapid technological progress, we must vigorously promote the entrepreneurial spirit, inheriting its legacy while imbuing it with new contemporary significance."