Chinese Private Companies Expand Global Network, Boosting ‘Sweet Potato Economy’

Chinese private enterprises are actively expanding their global reach, driven by the ‘sweet potato economy’ model, which focuses on leveraging both domestic and international resources. This strategy has been highly successful in Zhejiang province, where over 100,000 private companies are engaged in international trade. The ‘sweet potato economy’ approach has helped Zhejiang become a major player in global trade, with its private companies accounting for over 80% of the province’s total import and export value. Zhejiang businesses are actively seeking international partnerships and investments, particularly in Southeast Asia. The recent ‘Famous Zhejiang Entrepreneurs Go Global’ event in Pinghu highlighted the commitment of Zhejiang’s private sector to expand its global network and deepen collaborations, focusing on areas like investment, trade, and technology transfer. The event witnessed participation from Indonesian officials, showcasing opportunities for collaboration between Chinese and Indonesian businesses.