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| High-quality Development and the Innovation Path of the Private Economy in Zhejiang Province in the New Era |
| Wang Zhikai1,2, He Chong2, Wang Xuefan3 |
1.Centre for Research of Private Economy, Zhejiang University, Hangzhou 310058, China
2.School of Economics, Zhejiang University, Hangzhou 310058, China
3.School of Business, Yonsei University, Seoul 03722, Republic of Korea |
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Abstract The development of Zhejiang private economy is the most successful regional innovation since China’s reform and opening up. This has laid down the historical position of Zhejiang in China’s regional market development, industrialization and urbanization. The institutional advantages of Zhejiang Province are the grand resources for the path innovation of private economic development. The institutional advantages support the growth and development of Zhejiang private firms in the process of marketization, internationalization, and digital transformation, continuously pursuing the innovational path for radiating more areas and even covering greater markets, achieving further openness and great-leap-forward development. The development of Zhejiang Private Sector has been optimizing the structure of Zhejiang economy, empowering the state-owned enterprises while promoting regional economic development level, significantly improving people’s lives and the social production system, optimizing the development and prosperity of China’s market economy with Chinese socialist characteristics. Socialism with Chinese characteristic has entered a new era since the 18th CPC Congress. The development of private economy has since been continuously moving forward along the path of innovation in Zhejiang Province through constructing the demonstration areas of “Two-Health” , stimulating the private entrepreneurship, and promoting private firms to play a greater role in achieving even high-quality development.In order to create a better business environment, the government’s power has to be constrained and the power cannot be allowed to expand willfully. Otherwise, the government may become a distraction to the normal operations of the enterprises. The government acts in good faith and shall be better by not making any promises or guarantees on competitive market issues, nor will it rat on any promises at will. Zhejiang takes a leading position in establishing the integrity of government affairs. The integrity of entrepreneurs has become the ethos of Zhejiang. At the same time, the protection of property rights should be further strengthened so as to stabilize the market confidence and the expectations of entrepreneurs (including private entrepreneurs, legal persons, partners and investors of various economic entities). Only when the property right market of different ownerships is protected by the same law can entrepreneurship be stimulated, will private enterprises be willing to increase production, the innovation and entrepreneurship of the whole society be encouraged, and high-quality development of the Chinese economy be achieved. Reducing and curbing administrative intervention is an important way to improve the efficiency of production factors, reducing transaction costs, and stimulating entrepreneurship and innovation. It is also the content of building a close, clean relationship between government and business. Digital governance in Zhejiang is at the forefront of the whole country. It is necessary to continue to vigorously promote the reform of license administration and the standardization construction of public services, promoting the transfer of government affairs services from the entity government affairs hall to the online office hall, and improving the timeliness and convenience for the market players to get the attentive public services.Through the efforts with considerate services, we will help private enterprises increase investment in technological innovation and brand construction, gradually establish independent brands of commodities that can monopolize the pricing power of market, pioneering the road of innovation-driven development, and promoting private enterprises to help Zhejiang construct a common prosperity demonstration zone or flagship in its high-quality growth and development.
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Received: 10 March 2022
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2022, Vol. 52 
