Haidian district, a top economic contributor to the city of Beijing, held a symposium with participation from local officials and private entrepreneurs on Thursday to study and discuss President Xi Jinping's speech on supporting nonpublic and private sectors.

Xi said at a meeting on Nov 1 that China will help the private economy with tax cuts and financing facilitation policies. He reiterated the property of private entrepreneurs will be protected.

Tang Ling, senior vice president of Lakala Payment Co, a third-party payment service provider established in 2005 in Beijing, said Xi's speech is a milestone in the development of the private economy.

"Our company has practical difficulties, and sometimes we are unclear about our direction and future. The speech has given us the determination it's worthwhile to keep on making the effort," he said.

Jiang Pengming, head of Z-Park Non-Governmental Science Technology Entrepreneurs Association, said Xi's speech has given the green light to the contributions of private entrepreneurs, which is direct, encouraging, supportive and warm.

Yu Xinxing, deputy head of the commerce commission of Haidian district, said private companies have contributed greatly to the social economy in the past 40 years. Most companies in Haidian are private.