It is absurd for some to suggest that the private economy has finished its historical mission and has to quit. The role of the private sector can never be overestimated given the fact that it makes the great contribution for Chinese economy, a China Daily editorial said.

“The historical contribution of the non-public economy is indelible, its important role in the national economy is indisputable, and any remarks or moves to underestimate or deny the role of this sector are definitely wrong,” President Xi Jinping said in a letter to private entrepreneurs on Oct 20.

China could not be what it is today without private enterprises, which have injected energy into the national economy since the early 1980s. The sound growth of the non-public economy is not only complementary to the State-owned economy, but is necessary to support the development of the national economy.

Not only is it clearly not the end of days for the private economy, but the private sector will be an important driving force for continued economic development.