Private companies play an important role in China's economic development, and many of them have influences that reach far beyond China's borders. Our Michael Wang visited the nation's largest private ship-repairing firm, to learn about its remarkable rise.

Large ocean vessels are seen here everywhere along over 15-hundred meters of coastline. This is Xinya shipyard, founded in 2002. Located in Zhoushan, Zhejiang Province, Xinya currently owns two dry docks, one of which has a Dead Weight Tonnage of 200-thousand. It also has four repair wharves. The shipyard can fix and convert more than 160 ocean vessels annually, making it the industry leader in China.

XIA SONGKANG CEO, ZHOUSHAN XINYA SHIPYARD "Zhejiang Province is known for its ship repairing quality in China, and Zhoushan is known for that within Zhengjiang, and in Zhoushan, Xinya Shipyard is the leader in ship repairing."

The company's clients come from all over the world, especially countries like Singapore, Japan, South Korea and Germany. And what made them choose Xinya?

AJAY SHARMA, TECHNICAL SUPERINTENDENT EXECUTIVE SHIP MANAGEMENT PTE, SINGAPORE "I can choose Xinya, because I have been working with them. So we know if I bring anything new, they'll be able to understand what exactly my requirements are."

YONG BYUNG-GIL, SENIOR MANAGER ENGINEERING EXECUTION DEP'T, HYUNDAI "There are many shipyards in China. During our negotiations, we felt Xinya was the best."

But that's not enough for Xinya, which has bigger ambitions.

XIA SONGKANG CEO, ZHOUSHAN XINYA SHIPYARD "Only by continuous innovation, constant change, constant accumulation of assets, can we let our employees share Xinya's achievements."

MICHAEL WANG ZHOUSHAN, ZHEJIANG PROVINCE "Over 1,000 employees work here, and almost all of them are local. Small and medium-sized companies, such as this, are the backbone of China's economy. What we've seen from Xinya is grittiness and a mindset to constantly learn and improve, which best describes this company's competitive advantage."

The growth of a company depends not only on its own efforts, but also government support.

Xinya's CEO said given the long distance between the shipyard and the city center, he hoped more kindergartens, technical schools and other residential facilities could be built near his company to serve his employees.

Meanwhile, according to data released by a US based law firm, morale in the global shipping industry has fallen to the lowest level in the past six years. And this also applies to the ship repairing industry.

Battered optimism has been attributed to fleet overcapacity, at a time of recorded downturn in emerging Asian markets, coupled with ongoing trade tensions among the world's major economies.

So how could private businesses find their way out? One program backed by the Chinese government offers hope.

XIA SONGKANG CEO, ZHOUSHAN XINYA SHIPYARD "General Secretary Xi Jinping has proposed the 'Belt and Road Initiative'.This guides us to plan for Xinya's development in the next five years. We want to go out and go abroad to promote our business culture through this platform."

The proposal put forward by the Chinese president in 2013 has brought tremendous opportunities to Chinese companies. Striving to develop the Silk Road Economic Belt and the 21st Century Maritime Silk Road, it allows the companies much easier access to customers from all over the world.

Last year, President Xi Jinping met with some business representatives, reaffirming Beijing's support for the development of the private sector.

As an ancient Chinese saying goes: "A journey of thousands of miles may not be achieved without the accumulation of each single step, just as the enormous ocean may not be formed without gathering every brook or stream", every private firm is just like a small stream in the tide of China's economic growth. Supporting the development of private companies, also means spurring strong impetus into China's development. With You Yang, This is Michael Wang, For CGTN.