Private businesses’ status and role in China’s economic and social development are unchanged; the Party’s policies of unswervingly encouraging, supporting and guiding the development of private businesses are unchanged; and the Party’s dedication to improving the environment and providing more opportunities for private businesses is unchanged, Xi said.

China’s private businesses can only become stronger in the process of building a moderately prosperous society in all respects, he said, and they should play on a broader stage.

Since the reform and opening-up policy was introduced 40 years ago, private businesses have become an important force in promoting the country’s development, Xi said, adding that private companies have contributed to entrepreneurship, employment, innovation and revenue.