A major economic powerhouse in China is looking to increase its global influence and move up the value chain, with intentions to nurture global giants and manufacturing leaders that local authorities have dubbed “eagle enterprises”, to help the provincial economy grow by around 5.5 per cent this year.
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According to Zhejiang province’s government work report, which was presented at its annual provincial people’s congress meeting on Tuesday, the eastern manufacturing hub plans to cultivate 20 more “eagle enterprises” in 2025.
The term refers to big firms with a strong presence in the global market, including the likes of tech giants Alibaba and NetEase, as well as bottled-water maker Nongfu Spring. Alibaba owns the South China Morning Post.
Beyond fostering these types of global market giants, the local government also announced plans to bolster support for small and medium-sized enterprises in the manufacturing sector. The goal for 2025 is to cultivate 30 “single champions” and 300 “little giants” – companies that either hold or have the potential to secure leading positions in critical industrial niches.
Despite being one of China’s wealthiest provinces, Zhejiang has also reaffirmed its commitment to tightening its belt and improving the efficiency of fiscal spending this year.
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Zhejiang is the home to many of China’s most prosperous private firms. In the first three quarters of 2024, private enterprises accounted for about 80 per cent of the province’s industrial growth.