Nantong Xinxing Machinery Manufacturing Co Ltd invested 3 million yuan ($440,000) to buy new equipment in order to meet the increasing production demand in 2018.

The firm achieved sales revenue of 230 million yuan last year, with many of its products sold to the US, Germany and Japan. The company produces tractor seat for large trucks and parts of high-speed trains.

There are many private companies of such kind in Nantong’s Tongzhou district.

Ninety percent of the top 100 tax payers are private enterprises, according to the meeting on the high-quality development of private economy held before the Spring Festival.

Tongzhou has now proposed to accelerate the transformation of development ways and try to look for opportunities in the sector of artificial intelligence in an environmental friendly way.

Tongzhou has made great efforts to encourage private companies to use energy conservation technology and fight against pollution.

In 2017, Nantong Fuyuan New Materials Technology Co came to Tongzhou. This company mainly produces new carbon fiber cracking recovery equipment. The large-scale production capacity has reached international standards, filling the domestic gap.

“Fuyuan New Materials Technology Co has completed plant leasing and market research,” said Yang Bin, the enterprise founder.

“The commissioning of the equipment will be completed and trial production will start in March,” Yang said.

The Tongzhou government has issued measures to improve its development environment. By the end of 2018, the number of private companies and individual businesses reached over 100,000, a year on year increase of 20 percent.