A private economy college is inaugurated in Wenzhou, Zhejiang province on March 4. [Photo by Hu Gaoyang]

Wenzhou in East China's Zhejiang province, dubbed the birthplace of new China's private sector, announced the establishment of a private economy college on March 4 to push forward the healthy development of its non-public economy.

Nan Cunhui, chairman of Chint Group, China's leading industrial electrical equipment and new energy company in the private sector, was elected to be the first dean.

The new college is designed to cultivate highly qualified entrepreneurs and to advance the growth of private companies and entrepreneurs of private businesses in the city.

It will offer two kinds of courses, for long-term learning and themed learning respectively. Several training courses have been unveiled, including a special one for local second-generation entrepreneurs.

With the aim of building an education and practice platform with Wenzhou characteristics, the college will adhere to the city's status quo, as well as keeping an eye on the social and economic development in China and globally.  

Wenzhou has been well-known for its prosperous private businesses since the mainland's first private business license was issued there in 1980. The latest official data showed that the private sector in Wenzhou contributed to more than 80 percent of the city's GDP and 82.4 percent of its tax revenue.