Non-public economy generates new growth in Tibet

As reform of the commercial system deepened, the continuous growth of Tibet’s non-public economy in five years was much more than the total GDP during the 12th Five-Year Plan, according to official data on January 16th.

As of the end of 2015, all market bodies in Tibet have grown rapidly and shown vitality. Currently, the various types of economic bodies have reached 154.2 thousand in number, with non-public economic bodies at 149.3 thousand, and hiring 861 thousand individuals, greatly boosting employment and showing an economic impact.

 “We can say that Tibet’s non-public economy has gone from zero to one hundred, from weak to strong, and had tremendous growth.” Ngabo Jinyuan, the business association president of Tibet Autonomous Region, described the development in the past decades this way.

It is learned thatTibet enjoyed peace and liberation in 1951, there was no modern commerce in the area. In May of 1966, on the deserted river banks of the Nyang River, employees from the Shanghai Yarn and Linen Company’s Knitting Factory brought their equipment to build the Tibet Nyingchi Knitting Factory, therefore starting a new era in modern industry development in Tibet.

After decades of development, Tibet’s non-public economy has become an important part of the economic society, significantly helping the regional economy to grow. Now, the non-publc economy provides crucial support for the economic development in Tibet, as well as being an important source of financial and tax revenue, and is a vital way to expand employment.

In order to support the growth of this economy, Tibetan officials have supported lending and encouraged financial institutions to support non-public economic companies and individual businesses in their credit-lending applications. In addition, Tibet has established a non-public economic entrepreneurial seed fund to encourage entrepreneurs in exploring the market.

"I chose to go into the family business and explore the Tibetan incense market after graduation because this is what I really wanted to do. The government’s beneficial policies for entrepreneurs has really encouraged me too.” Tenzin Gashi, proprietor of the Thon Manzhong Tibetan Incense Experience said.

Special industries such as Tibetan medicine, ethnic handicrafts, and green foods and drinks have grown at a priority rate. There are seven industrial zones showing preliminary growth, with 20 standardized farming demo regions established and 95 industrial leaders in farming and animal husbandry at the city-level. The Tibetan medicine industry has also reached a healthy size with 18 Tibetan medicine companies and over 360 kinds of Tibetan medicines.

Officials have revealed that during the 12th Five-Year Plan, Tibet’s non-public economy has doubled the investment in fixed assets and employment, and tripled gains from taxation. In the 13th Five-Year Plan, Tibet will aim to keep the growth rate of the non-public economy at 15% or more.