During the first half year of 2017, Guangzhou's private economy added value reached 388.4 billion yuan ($59 billion), up by 7.5 percent year on year. The total industrial output value of private industrial enterprises above the designated size stood at 229 billion yuan, a 4.2 percent increase compared to the same period last year.

Private economy has been playing a key role in boosting Guangzhou's social and economic development. The southern Chinese city is currently home to 153,000 technological companies, 90 percent of which are private companies. More than 90 percent of the patents applied in Guangzhou are from private enterprises.

The statistics were released at a special meeting held in Guangzhou on Sept 5 to boost the city's private economy. Government officials and representatives of famous enterprises including internet company NetEase, e-commerce giant Vipshop and daily chemicals product manufacturer Guangzhou Liby Enterprise Group attended the meeting.

On Sept 5, Guangzhou rolled out a policy to further boost the city's private economy, which was applauded by the private enterprises. The policy will instill great vitality to Guangzhou's private economy and help the city build itself into an international shipping hub, international aviation hub and technological innovation hub.

"In the following five years, we will invest 30 billion yuan in Guangzhou to realize our strategic goal which is reaching 50 billion yuan and 100 billion yuan in Liby's daily chemical product scale and comprehensive health industry," said Chen Kaixuan, chairman of Guangzhou Liby Enterprise Group.

Guangzhou Liby Enterprise Group is a long-established private corporation in Guangzhou. After 20 years of high-speed development, the company's sales revenue reached 17 billion in 2016 and is projected to hit the 20 million mark this year.