Shandong nurtures nonpublic sector with friendly policies

East China's Shandong province will come out with policies to spur innovation, boost funding, reduce costs and improve the overall business environment as part of its efforts to boost the private sector, a top provincial official said.

Liu Jiayi, Party secretary of Shandong, said: "The private sector has always been an irreplaceable force in Shandong's development."

Citing statistics from recent years, Liu said the private sector accounts for 50 percent of the province's gross domestic product and 70 percent of its tax revenue. Nearly 90 percent of the businesses in the province are privately run, he said.