(Photo/CFP)

The output value of private industrial enterprises above designated size rose by 10% year-on-year in the first quarter of this year, according to the Jiangsu Provincial Department of Statistics on May 6. This growth reflected sustained momentum in innovation and development within the private sector.

The year-on-year growth rate exceeded that of all industrial enterprises above designated size by 1.8 percentage points. Notably, private enterprises contributed to 64.5% of the total output value of all such large enterprises in the period, an increase of 6 percentage points compared with the previous year.

In terms of business performance, in the first two months of the year, total profits of these private industrial enterprises expanded by 11% year-on-year, 6.4 percentage points higher than the average growth rate for all industrial enterprises above the designated size.