Private businesses become main force of overseas investment in Tianjin

The past two years have witnessed the rapid development of private businesses in Tianjin. With strong energy, private businesses have accelerated their development abroad.

According to statistics, the rate of import and export increase for private businesses has been higher than the rate for State-owned enterprises or foreign enterprises for a consecutive 18 months. Private businesses have become the main stream of enterprise overseas investment in Tianjin.

Private businesses in Tianjin have contributed $27.9 billion to import and export value in 2014, which increased 15.4 percent year-on-year and was 11 percent higher than the overall value. In addition, the rate of import and export of private businesses has been growing rapidly.

Tianjin examined and approved 90 private businesses to invest abroad in 2014, taking up 85.7 percent of the overall amount. The overseas investment value of private businesses has reached $2.71 billion, or roughly 86.7 percent of the overall value. The number of Tianjin enterprises entering the China-Egypt Suez Economic and Trade Cooperation Zone reached 22.

Meanwhile, the Tianjin Municipal Commerce Department has enhanced efforts to support private businesses. Last year, the department supported up to 400 private businesses and more than 700 people to participate in global marketing events.

Through the events, participants have reached out to more than 20,000 foreign businesses and closed deals of around $320 million. The department has created great opportunities for private businesses in Tianjin to go global.

In addition, it is reported that many private businesses actively expanded their market by using e-commerce in 2014. The commerce department spent as much as 700,000 yuan ($111,930) and supported 140 private businesses using the third-party platform to launch marketing campaigns and product purchases.

The commerce department also invited 15 private businesses to showcase at the electronic commerce exhibition area of the Tianjin Investment and Trade Fair in 2014.

In addition, more than 400 private businesses participated in the China Electronic Commerce Development Forum in Tianjin. Among which 11 private businesses won the "Demonstrative Enterprise" title, roughly 70 percent of all awarded enterprises.