A forum on the development of the private sector of the city’s economy was held in Baotou, Inner Mongolia autonomous region, on April 11, reports Baotou Daily.

At the forum experts, including Yao Jingyuan, researcher for the Counsellors’ Office of the State Council, and Ye Tan, a financial commentator, were invited to give lectures and exchange views on the development of the macroeconomy and the private sector.

The forum also saw strategic cooperation agreements signed between Baoshang Bank and six private businesses to strengthen ties to boost economic development.

Baotou city has been encouraging the development of its private sector under the guidance of policies and regulations issued by the autonomous region and the national government. Private companies will enjoy new opportunities from further reforms which will target systemic obstacles and give more influence to the market in resource distribution.

The private sector witnessed rapid development in Baotou in 2016, with added value hitting 270.73 billion yuan ($39.23 billion). This figure represented year-on-year growth of 8.4 percent, 0.8 percentage points higher than the GDP growth rate. The private sector accounted for 70 percent of GDP in 2016, 1.5 percentage points higher than in 2015.

About 1.26 million people are employed in the private sector, taking up 80 percent of citywide employees.

Nineteen Baotou-based businesses ranked among the top 100 private enterprises in the Inner Mongolia autonomous region. Baoshang Bank made it onto the list of China’s Top 100 Private Enterprises.