Innovation Spurs Private Enterprises’High-Quality Development

In 2018， Chinas total economic output exceeded RMB 90 trillion for the first time. In the country， the private economy contributes more than 50 percent of tax revenue， 60 percent of GDP， 70 percent of technological innovation gains， 80 percent of urban labor employment， and more than 90 percent of the number of enterprises.

While chairing the symposium on private enterprises in late 2018， President Xi Jinping emphasized that the private economy is an important force for promoting the development of the socialist market economy， and is a principal entity for advancing supply-side structural reform， improving high-quality development， and building a modern economic system. Currently， Chinas economy is transitioning from a stage of high-speed growth to a phase of high-quality development， in which the private economy will continue to play an important role.