On May 9th, the seventh session of Fujian Province's press conference series on advancing high-quality development under the strategy of strengthening the private economy in the new era was held, with a focus on preference-level cities. During the meeting, it was reported that in the first quarter (Q1) of 2024, Fujian Province's private economy had a "strong and stable start.”

According to reports, the private-sector economy in Fujian showed strong growth in 2024 Q1. Private industrial enterprises above the designated size saw steady growth, with improved and stabilized development prospects for private enterprises. The import and export situation for the private sector was positive, and business entities remained active.

Specifically, in Q1, Fujian’s private-sector economy saw a 6.9% year-on-year increase in added value. Moreover, electricity consumption by the private sector rose by 16.6% year-on-year, and the amount invoiced by private sector tax services grew by 1.6% year-on-year. These figures all surpassed those of other counterparts in Q1.

In Q1, the added value of private industrial enterprises above the designated scale increased by 6.2% year-over-year, a 2.7% rise from 2023, accounting for 61.2% of the total added value of industrial enterprises above the designated scale in the province. According to objective indicators in Q1, there was a notable rise in electricity consumption by private industries above the designated scale in the province, with a year-on-year growth of 17.2%. Out of the 31 segments in the manufacturing sector, 28 segments saw positive growth in private electricity consumption, covering over 90% of the sector. In 21 segments, the growth rate of private electricity consumption exceeded that of the sector as a whole, making up more than two-thirds of the sector. Private industrial electricity consumption increased throughout the province. 

In Q1, private investment shifted from negative to positive growth. In particular, private investment in the manufacturing sector grew by 20.1%, marking a year-on-year growth of 12%. In Q1, key industrial projects in the private economy attracted an investment of RMB 53.6 billion, completing 33.7% of the annual plan and surpassing the scheduled progress by 8.7%. The balance of loans to private enterprises continued to expand, with a year-on-year increase of 9.8% at the end of March, which is 3.8% higher than the growth rate of all other loans.

In Q1, private enterprises achieved an import and export volume of RMB 308.75 billion, marking a year-on-year increase of 14.3%. It surpassed the provincial growth rate by 8.8%, accounting for more than 60% of the province’s total foreign trade for the first time, increasingly playing a leading role. Notably, exports of lithium batteries reached RMB 25.059 billion in Q1, with cumulative exports surpassing RMB 300 billion. This accounted for 26.74% of the national total for lithium battery exports during the same period, ranking first in the country.

At the end of March, the number of private enterprises and individual industrial and commercial households in the province increased by 4.9% and 3.8% respectively, in line with the overall growth rate of business entities in society, demonstrating strong vitality.