Federations of industry and commerce at all levels should promote the integrated development of the public and nonpublic economy and the sustainably continuous growth of private investment, Premier Li Keqiang said in a congratulatory letter on Nov 24.

Li read the letter on behalf of the Communist Party of China Central Committee at the opening ceremony of the 12th National Congress of the All-China Federation of Industry and Commerce.

The letter said nonpublic parts of the economy have played a vital role in boosting steady economic growth, technological innovation and employment opportunities. It said federations at all levels have made crucial contributions to the healthy and sustainable development of the national economy.

Federations were called on to motivate the enthusiasm, initiative and creativity of nonpublic businesses, guided by the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. They were also called on to boost the ability to serve enterprises, provide immediate help for them, encourage private businesses to shoulder social responsibilities and bolster livelihoods.

All such institutions nationwide were called on to adhere to the new development concept to contribute wisdom and strength to achieve higher quality and more efficient, fairer and more sustainable development.

Founded in 1953, the industry federation is a key unit of the Chinese People's Political Consultative Conference and connects the nonpublic economy with the CPC and the government.

China has about 25 million private enterprises, with registered capital exceeding 150 trillion yuan ($22.7 trillion; 19.1 trillion euros; ￡17.1 trillion) and contributing more than half of the country's taxes, according to the industry federation.

These enterprises also contribute more than 60 percent of the nation's gross domestic product, fixed asset investment and outbound investment. More than 70 percent of new products and technological innovations have been developed and produced by private enterprises, creating more than 80 percent of urban jobs and contributing more than 90 percent of the new jobs being created.

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(China Daily European Weekly 12/01/2017 page29)