Reform and Opening Up: Hangzhou highlights development of private and internet enterprises

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Now let's turn to China's efforts in reform and opening up. Private enterprises continue to fuel the country's economic growth. Over the last 40 years, many Chinese private companies have blossomed into world famous ones in different sectors. CGTN's Wu Lei travelled to the city of Hangzhou and visited two of its most famous companies to find out how they made it big.

In an auto industry long-dominated by joint venture and state-owned car makers, Geely has reached a new high.

Following years of expansion, Geely is now China's largest private automaker, selling 1.2 million cars in 2017.

And with the nation having removed the industry's foreign capital cap, Geely Chairman Li Shufu says the company welcomes the competition.

LI SHUFU CHAIRMAN, GEELY HOLDING GROUP "First of all, Chinese consumers will benefit from the nation further opening up its auto market. They will have more options and lower prices on cars. Secondly, because of growing foreign investment and increasing competition, domestic car makers will have greater reach, which is good for the whole automobile industry.

WU LEI HANGZHOU Today's cars are not just steel, rubber and plastic. They are more of a combination of technology, art and green concepts. In order to make more high quality cars, Geely has greatly strengthened its global collaboration.

Headquartered in Hangzhou, the company now has 4 research and development centers and 4 design centers across the world.

And to improve competitiveness, Geely continues its global expansion through mergers and acquisitions.

LI SHUFU CHAIRMAN, GEELY HOLDING GROUP "We acquired a major stake of Malaysian Car Brand Proton, London Taxi Corporation, and British luxury sports car manufacturer Lotus Cars. All will be brought together to develop new technologies. Future automobile competition mainly lies within smart car and digital technology."

Geely is one of 36 Hangzhou-based companies on the 2018 China Top 500 Private Enterprise list.

For a 16th straight year, Hangzhou has more private companies on the list than any other city.

It's also an innovation hub for internet companies, namely Alibaba.

JACK MA CO-FOUNDER AND CHAIRMAN, ALIBABA GROUP "We have e-commerce, we have logistics, we have cloud computing, we have a lot of businesses. For 19 years we have never given up on our dreams or beliefs. We still make some mistakes, but we continue to improve, that makes what happens today."

The city now continues its reform to create a better business environment for companies.

And in return, Hangzhou's tech firms have worked closely with public services to make people's lives more convenient and enjoyable.

WU LEI HANGZHOU "The great impact of Geely and Alibaba have reached far beyond the city. Thousands of private companies and internet start-ups are also following their success to grasp opportunities unleashed by China's further reform and opening up. Many hope to create high quality products and services for the world. WL, CGTN, HZ."