At the third Chinese Entreprneurs Summit held in Shenzhen, Huang Mengfu, vice chairman of the 10th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and chairman of the All-China Federation of Industry and Commerce, said that private economy was changing China.

In his speech, Huang said that the reform and opening-up in China had brought new ideas, new policies and new schemes to China. He noted that one driving force for China's fast economic progress was the "trillion yuan of private capital", which was taking root as Chinese Premier Wen Jiabao once said.

Huang said the trillion yuan of private capital was formed as a result of the big changes taking place in people's ideas, concepts, and schemes. It also acted as a force to push the ideas, concepts and schemes to change further. During this changing process, the amount of private capital had grown from nothing to the present 6 trillion yuan in only two decades.

In fact, private capital has brought tremendous changes to the nation's economy and people's lives. Private companies have now become the largest enterprise group in China, accounting for 60% of the total legal enterprises in China. They contribute to 40% of China¡¯s GDP, and 60% of the GDP growth. They create job opportunities for most of the people in urban areas and the surplus labor in rural areas, and for 80% of new non-agricultural employment in society. They contribute to one-fifth of the national tax revenue, and most of the local government tax revenue. They make up one-fifth of the country's export volume. With the commodities and services they provide, they have become an important force changing China's shortage economy, and improving Chinese people's living standard fundamentally.

In light of this, we can say without exaggeration that private economy is one of the most important forces changing China, said Huang.

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