A business negotiation takes place at Yiwu International Trade Market in Yiwu county-level city, Jinhua, Zhejiang province, on Jan 12. [Photo/IC]

Zhejiang's private sector reached a record 3.5 million registered enterprises by the end of 2024, according to the 2024 Zhejiang Private Enterprise Development Briefing recently released by the Zhejiang Private Enterprise Development Association.

The number marked a 5.41 percent increase year-on-year, with 56 private enterprises per 1,000 residents.

Hangzhou led with 920,700 private businesses, representing 26.27 percent of the province's total. Jinhua, Ningbo, and Wenzhou followed with 558,700, 544,000, and 413,600 private enterprises, respectively.

The report highlighted key industrial clusters across the province. Wenzhou has established itself as a national leader in auto and motorcycle parts manufacturing, hosting over 4,000 enterprises and producing more than 5,000 product lines across 12 categories.

Jinhua continues to thrive as China's e-commerce hub, with 278,300 online retail businesses by the end of 2024, including more than 45,000 active cross-border sellers.