Policymakers are taking steps to promote the development of private economy in China, and the public should have more confidence in the outlook of the sector, said Liu Shijin, deputy head of the 13th CPPCC National Committee's economic committee.
Liu was speaking at a press conference at the second session of the 13th CPPCC National Committee.
Currently private enterprises contribute 50 percent of China's tax revenue and 60 percent of GDP. Private companies are also fueling China's job market by creating 80 percent of job opportunities and making up for 90 percent of China's enterprises in total, according to Liu.
Liu also said that the future development of China's private economy is in need of legal support, aside from preferential policies rolled out by local governments.
"Entrepreneurs of private companies want an enhanced business environment for fair competition and a consistent legal environment," Liu said.
Liu said the country needs to deepen economic reforms with a focus on tackling financing problems for small-to-medium sized private businesses.