(CFP Photo)

In the first quarter, the private investment in Jiangsu grew by 7.1% year-on-year, which is 6.6 percentage points higher than the national average.

“Private investment is highly sensitive to economic dynamics, and this increase shows that the market is picking up," commented Lyu Yonggang, deputy director of the Economic Research Institute of the Jiangsu Provincial Academy of Social Sciences.

Private investment plays a crucial role in promoting economic development, stabilizing overall investment, and expanding employment. The coastal province's private investment has continued to grow rapidly this year.

In Nanjing, Xiaomi’s East China headquarters is ready to open. With a total floor area of 368,000 square meters, the project will accommodate 5,000 employees and become the company’s second largest R&D center after its headquarters in Beijing.

In Yangzhou, Trina Solar Group is developing a project with a total investment about 700 million yuan, focusing on hydrogen energy-related sectors and strengthening the industry chain.

Jiangsu has stepped up its efforts to enhance the private investment environment. For example, in 2023, the province’s Development and Reform Commission released guidelines to support private investment. Early this year, Jiangsu introduced measures to bolster the private sector, including breaking down the barriers in bidding, improving financial assistance, and protecting the legitimate rights and interests of enterprises. Furthermore, Jiangsu has continued providing "door-to-door service” to help enterprises alleviate difficulties, and announced a list of projects that encourage the private investment.

Lyu also offered four suggestions to further facilitate private investment. Firstly, Jiangsu needs to improve institutional efforts and the rule of law, particularly in terms of property rights protection, market access and fair competition. Secondly, the province should expand the areas that permit private investment, relax investment restrictions related to infrastructure, the public sector and modern services, and address barriers and unfair competition. Thirdly, Jiangsu should promote coordinated industrial upgrade and fully leverage the role of investment. Lastly, the province needs to ensure the progress of key projects through various initiatives, such as responding promptly to company concerns and guaranteeing financing, land use and energy supply.