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Jiaxing's private economy saw stable growth in the first half of this year.

In the secondary industry, which saw a year-on-year increase of 4.5 percent to 462.92 billion yuan in industrial sales, the city was home to 5,665 above-designated-size private enterprises with an industrial added value of 89.08 billion yuan ($12.4 billion), an increase of 10.3 percent year-on-year.

Ruili Textile (Jiaxing) Co Ltd performed strongly in the first half of this year. Due to the company's successful overseas cooperation, it received many orders from the European Union.

"In the EU, we became acquainted with local business associations, allowing us to establish the final filling plant and storage base there. Now, we can reduce logistics costs by 80 percent by sewing sofa covers in China and filling them in the EU," said Fei Zhongfu chairperson of Ruili Textile.

The city is home to 3,299 above-designated-size service enterprises in the tertiary industry, an increase of 6.8 percent. Operating income totaled 249.15 billion yuan, an uptick of 10.3 percent. The information transmission industry and software and information technology service industry achieved rapid growth.

Investment in the private manufacturing industry reached 41.42 billion yuan, an increase of 14.1 percent year-on-year, and it was the main private investment force in the city.