Fujian's private sector sparks innovation momentum

Fujian held a forum with representatives of the private sector on Feb 24, bringing together 18 entrepreneurs to discuss economic development and future directions.

The 2026 Fujian provincial government work report shows that the private sector accounts for about 70 percent of the province's tax revenue, gross domestic product (GDP), and technological innovation, more than 80 percent of urban employment, and over 90 percent of market entities.

The forum featured leaders from emerging companies, including Lan Shuisheng, founder and CEO of autonomous driving firm EACON, and Wu Kaiting, chairman of Malata Group. Their participation underscores a strategic pivot toward industries driven by computing power.

Many Fujian entrepreneurs are focusing on high-technology industries. One notable example is Sealion Group, who focuses on cross-border e-commerce. The company make use of internet and artificial intelligence technologies to develop new business models and is moving into higher value-added segments of global supply chains.

Other private local companies are expanding into high-end manufacturing and international markets. Xiamen Hongji Weiye Industrial specializes in lightweight materials, Quanzhou TDX Electronics develops core electronic components, and Xiamen Hongfa Electroacoustic holds the world's largest market share in relays.

Fujian introduced local regulations to support the private sector on Jan 1, addressing key concerns of the private sector, such as fair market access and including provisions that open technological innovation platforms to private companies.