IN a high-tech factory workshop, over 1,600 intelligent terminals and 3,000 robots work in concert, rapidly welding and painting as smart, connected vehicles roll off the production line.
This is the scene at a super factory of Seres Group, a technology-based manufacturing enterprise with new energy vehicles (NEVs) as its core business, located in southwest China’s Chongqing Municipality.
“We are now deeply engaged in the high-end intelligent NEV sector, with three super factories built,” said Zhang Xinghai, founder and chairman of the group, adding that the group’s revenue surpassed 110 billion yuan (US$15.5 billion) in the first three quarters of 2025 — with more than 300,000 NEVs sold.
Seres’ rapid growth is a snapshot of the vigor that private businesses are injecting into the country’s economy. In Chongqing, the private sector’s added value surged from 1.48 trillion yuan to 1.98 trillion yuan during the 14th Five-Year
Plan period from 2021 to 2025. Its share of the local GDP also climbed — up from 59 per cent to 61.6 per cent. Like in Chongqing, Chinese private firms across the country are diving into advanced sectors like intelligent manufacturing, digital economy and green energy, leveraging digital technologies such as 5G and cloud computing to align with development strategies.
Since first investing in Chongqing in 2010, Huafon Group, a private enterprise specializing in new chemical materials, has invested over 26 billion yuan, establishing world-class production facilities — including the world’s largest adipic acid production base and the largest single-site spandex plant globally.
Xinhua
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