The Third Linyi Entrepreneurs Convention held in Linyi, Shandong province, serves as the city's major economic gathering of the Year of the Horse. [Photo/chinadaily.com.cn]

The Third Linyi Entrepreneurs Convention was held on Feb 25 in Linyi, East China's Shandong province, marking the city's first major economic gathering of the Year of the Horse.

With over 1.56 million market entities projected by 2025, ranking second in the province, the city's private sector is the backbone of its economy. Private enterprises accounted for 97.6 percent of all businesses, contributing over 90 percent to tax revenue, innovation achievements, and urban employment.

This vital contribution was highlighted at the convention, where business leaders took center stage. Additionally, public spaces such as Linyi People's Square, Linyi Olympic Sports Center, and Linyi North Railway Station displayed the names of outstanding enterprises.

This acknowledgment is now being institutionalized. Starting this year, the convention will be held annually as the city's first meeting after the Spring Festival holiday. This commitment places private enterprise at the core of development strategy.

The event introduced the "phoenix list", drawing on Linyi's cultural heritage to symbolize entrepreneurial ambition. The government also released 20 concrete service measures for 2026 addressing policy support and business environment improvements.

All these efforts underscore a fundamental belief: Private enterprises are not optional but essential. Through recognition and practical support, Linyi is building a platform where entrepreneurs can innovate with confidence and contribute to the city's growth.

Last year's second session saw 18 projects signed with a total investment of 6.4 billion yuan ($931.91 million). This year, joined by the expanded "phoenix list" and "golden ribbon" business associations, the business ties will attract further investment and gain momentum.