Private enterprises continue to fuel China's economic growth. In 40 years of reform and opening-up, many Chinese private companies have blossomed into world famous ones in different sectors. 

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

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

Li told CGTN that, 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.

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 four research and development centers and four design centers across the world.

To improve competitiveness, Geely continues its global expansion through mergers and acquisitions. Li said they acquired a major stake in 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. 

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

Jack Ma, Alibaba Group chairman, told CGTN that the company has e-commerce, logistics, cloud computing and a lot of businesses. For 19 years the company has followed its dreams and beliefs. Mistakes are still made, but they continue to improve and that perseverance is what has brought them to where they are today. 

And in return, Hangzhou's tech firms have worked closely with public services to make people's lives more convenient and enjoyable. The great impact of Geely and Alibaba has reached far beyond the city. Thousands of private companies and Internet startups 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.