With unswerving support from the central authorities, China's private enterprises are set to embark on a new journey and embrace a brighter future, Xinhua News Agency reported.

On Nov 1, President Xi Jinping presided over a symposium on private enterprises, saying that China will unswervingly encourage, support and guide the development of the non-public sector and support private enterprises to move toward a broader stage. 

Xi demanded the implementation of policies and measures in six aspects to create a better environment for the development of private enterprises and to address their difficulties, including reducing their burden of taxes and fees, addressing the difficulty and high cost of financing, and leveling the playing field for them.

The private sector plays an important role in the Chinese economy, contributing more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms.

With the new commitments to supporting the private sector, more favorable policies are expected be rolled out soon. The difficulties and problems faced by private enterprises are just a natural part of development, and will surely be solved with effective measures.

As private companies and entrepreneurs are once again reassured by central authorities, their potential is to be further unleashed while China's economic strength is to be further improved, Xinhua reported.