THE government will vigorously support growth of the private sector, as it can play a great role in stabilizing employment, adjusting economic structure and promoting innovation, Chinese Vice Premier Liu He said yesterday at the opening ceremony of the 2021 China International Digital Economy Expo in Shijiazhuang, capital of Hebei Province.

Liu said “guidelines and policies for supporting the private economy have not changed … and will not change in the future.”

The vice premier also called for efforts to encourage the private sector to play a greater role in stabilizing growth and employment and promoting structural adjustment and innovation.

He emphasized continuing reforms to develop a socialist market economy, unswervingly promoting high-level opening up, and resolutely protecting property rights and intellectual property rights.

The private sector has contributed more than 50 percent of tax revenue, over 60 percent of GDP, over 70 percent of technological innovation as well as more than 80 percent of urban employment and has over 90 percent of market players, Liu said in a video speech.

For the development of the digital economy, private companies should have a strong sense of innovation, seize development opportunities and strive to attract and train talents, according to Liu.

The country will continue to improve the legal environment, promote fair competition and oppose monopoly. It will also resolutely protect property rights, including intellectual property rights, the vice premier said.(SD-Xinhua)