Private economy's position is assured

The private economy has played (and continues to play) a key role in China's economic development. China has more than 70 million individual businesses and more than 30 million private enterprises, which account for more than 50 percent the country's fiscal revenue, over 60 percent fixed-asset investment, more than 70 percent innovations and over 80 percent urban employment.

In fact, the private economy is one of the major achievements of the four decades of reform and opening-up. More than half of the individual businesses and private enterprises have been established after the 18th National Congress of the Communist Party of China in November 2012, and they shoulder huge responsibilities, including facilitating economic development; increasing employment, household incomes and national revenue; paying taxes; promoting research, technological progress and innovation; improving regional economic growth and balance; and boosting China's marketization and industrialization process.

But the private economy has been facing difficulties in the past two years due to several reasons.