Brighter future in store for private sector

Over the years the private sector has experienced impressive growth, generating more than 50 percent of the country's GDP in 2015 - from a mere 1 percent in the early days of reform and opening-up. In provinces such as Henan, Zhejiang and Fujian, the non-State economy's overall economic output is more than 60 percent, even 70 percent, of the total provincial output.

By the end of 2016, non-State enterprises employed up to 310 million people - 150 million more than in 2010. And by the end of 2015, the number of private enterprises had jumped to 19.08 million from 9.68 million in 2011, providing employment for more than 50 percent of college graduates, with individual businesses employing nearly 117 million people, a growth of 25.14 percent from 93.35 million in 2013, and private enterprises employing about 164 million people, an increase of 30.94 percent from 125 million.

The fact that private enterprises have contributed more than 50 percent of tax revenue; over 60 percent of GDP, investment and research and development; and more than 70 percent of technology innovation; and account for over 80 percent of urban employment and more than 90 percent of newly added jobs with only 40 percent of the resources shows their remarkable contribution to China's economic development.