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Zhejiang province announced its first list of private economy headquarters hubs on Dec 11, with 11 counties, districts, or county-level cities making the cut.

Among them, Shaoxing's Xinchang county and Shangyu district were highlighted for their focus on intelligent equipment and fine chemicals, respectively.

Private enterprises are a cornerstone of Zhejiang's economic development. This year, the province committed to creating hubs with high output, advanced capabilities, business-friendly environments, and significant domestic and international influence.

Xinchang, despite limited natural resources, has developed a robust industrial base over decades through innovation, prioritizing intelligent equipment, life sciences, and auto parts. The county is home to 17 private companies with annual revenue exceeding 1 billion yuan ($137 million), including four recognized as "2024 Zhejiang private economy leaders".

Shangyu's fine chemicals industry, a hallmark of the district, has grown steadily over 40 years, becoming a key player in national and global markets. Shangyu hosts 18 headquarters enterprises, including five in the fine chemicals sector that rank among China's top 500 petrochemical companies.