Authorities also vowed to tackle challenges such as difficulties and high costs of financing for private businesses, address payment arrears owed to private enterprises, and effectively protect the legitimate rights and interests of private businesses and entrepreneurs in accordance with the law.

　　These efforts are not just about clearing hurdles, but fostering an ecosystem which further unleashes private enterprises' dynamism and ensures that they can fully capitalize on the opportunities in front of them.

　　With the rapid development of education, science and technology, a vast and high-caliber talent pool and workforce, well-developed industrial and infrastructure systems, and a supersized market of more than 1.4 billion people with huge potential, the private sector enjoys abundant new opportunities and greater headroom for development, Xi said.