Private sector crucial wheel of economy

The private business sector has become an important part of the country's economy, said Liu Yonghao, chairman of New Hope Group, on Thursday.

"The private sector has provided 80 percent of jobs in the markets and contributed over 60 percent of the country's GDP, about 50 trillion yuan ($7.9 trillion) last year," said Liu, who is also a member of the 13th National Committee of the Chinese People's Political Consultative Conference.

"The private sector has witnessed, contributed and benefited from the country's opening-up strategy," said Liu.