(CFP Photo) 

Data released by Jiangsu’s provincial federation of industry and commerce and bureau of statistics showed a vibrant private economy in the coastal province.

The report showed the added value of the province's private economy reached 5.8 trillion yuan, up 5.3% year-on-year, 1.6 percentage points higher than the provincial GDP growth.

Private economy’s size accounted for 56.8% of the province's GDP, an increase of 0.9 percentage point than in 2019. As a key growth driver, private economy contributed 81.4% of the province's GDP growth, 20.5 percentage points higher than in 2019.

In 2020, the province registered 518,000 new private enterprises and over 2.07 million new individual businesses, up 6.0% and 59.4% year-on-year.

The province's top 200 private enterprises had the threshold of 4.28 billion yuan, and their average revenue reached 32.5 billion yuan. Among them, 11 enterprises had the revenue of over 100 billion yuan, and 13, over 50 billion yuan.