Different Pathways to Common Prosperity: A Comparative Study of Zhejiang and Shandong
Zhejiang and Shandong, two exemplary Chinese provinces with flourishing private economies, each present distinct regional development models. Zhejiang is renowned for its vast network of small and medium-sized enterprises (SMEs), where relationships between entrepreneurs and employees are characterized by a strong contractual spirit. In contrast, Shandong employs a more centralized development model, with entrepreneurs adopting a paternalistic approach toward employee relations. Focusing on the private economy, this research thoroughly examines the differences between Zhejiang and Shandong in terms of macroeconomic performance, industry distribution, industrial cluster models, and the dynamics between entrepreneurs and employees, as well as management styles. By exploring the distinct pathways each province is taking toward common prosperity, the study aims to propose public policy recommendations tailored to these approaches. It seeks to provide scientifically grounded advice to governments at all levels, enabling them to effectively guide and support private enterprises, and ultimately contributing to the broader goal of achieving common prosperity.