2018年CRI Guideline boosts development in east China's province for 15 years

This year marks the 15th anniversary that a guideline was put forward for the future development of the east China's province of Zhejiang, which are hailed by locals as an important factor in bolstering 1 the province's development over the past 15 years.

The guideline, dubbed 2 the "eight-eight strategy," was put forward by Xi Jinping, who was then-Secretary of the Zhejiang Provincial 3 Committee of the Communist Party of China (CPC), in July 2003.

It calls for provincial authorities in Zhejiang to make different steps in eight different sectors 5 by making use of its advantages in eight different aspects, in a bid to boost future development.

It is based on giving the private sector 4 more opportunities, while having the public sector still play the dominant 6 role in development, to improve the socialist 7 market economy.

"One of the key factors leading to the historic progress made in Zhejiang's economic development is the advantages in systems and mechanisms 8. Such advantages come from efforts to adjust and improve the structure of ownerships, pay respect for the pioneering drive of the people, based on the principle that production relations must conform to the laws that underlie 9 the development of productive forces," says Xi Jinping.

Through the system, Zhejiang's state-owned enterprises remain viable 10 businesses in the province.

Zhejiang-based Wuchan Zhongda Group, the first state-owned enterprise (SOE) in the province to enter into a mixed ownership program, has been listed among the world's top 500 enterprises for several years in a row.

"In a world full of competition, if an enterprise does not reform itself, it will definitely face a lot of challenges concerning its operation in the long run. We are now taking measures to build a modern enterprise system," says Wang Tingge, the chair of Wuchan Zhongda.

The "eight-eight strategy" has also allowed for the growth of major private companies in Zhejiang, including carmaker Geely, e-commerce giant Alibaba, and Wenzhou Minshang Bank, the first private bank on the Chinese mainland.

Stats showed that private sector contributed to 65% of Zhejiang's total provincial GDP in 2017.

The guideline is also being credited for making the province's business environment more friendly to the private sector.

In 2016, a reform focusing on simplifying approval procedures was officially launched in Zhejiang, streamlining the application process, including one-stop application for business licenses 11.

Che Jun, secretary of the CPC Zhejiang Provincial Committee, says other areas are also being adapted through the "eight-eight strategy."

"We're working with other ideas to improve areas such as property rights and better procurement 12 procedures for production. We're taking these steps to try to achieve more high-quality development," says Che Jun.

Authorities in Zhejiang say they're hoping to turn the province into the most efficient and business-friendly in the country.