Private companies account for more than 70 per cent of the high-tech sector in east China's Shandong Province, with nearly 5,000 private firms in the field.

Private businesses in the sales, catering and manufacturing fields have fallen dramatically, but they are growing in agriculture, forestry, animal husbandry, fisheries, social services, transportation and warehouse storage.

The change is the result of local efforts to center on the development of enterprises engaged in the high-tech, private, and foreign trade and economic areas.

More than 800 local private companies have jointly funded projects with foreign companies.

Import and export rights have been granted to 1,467 private companies, earning a total of nearly 8 billion yuan (US$964 million) worth of foreign currency a year.

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