HANGZHOU - Vice-President Xi Jinping on Tuesday applauded the entrepreneurial spirit of private businesses in Zhejiang province and encouraged them to make more contributions to the country.

Private businesses in Zhejiang have boosted the province's economy and made significant contributions to balancing regional economic development and economic openness, Xi said.

He made the remarks in a letter congratulating the opening of the first global Zhejiang entrepreneurs' convention, which was held on Tuesday in the province's capital of Hangzhou.

China has entered a crucial stage for economic restructuring, which presents new development room for Zhejiang's private businesses, Xi said.

He encouraged entrepreneurs to make full use of domestic and overseas markets and resources. He also asked them to stick to a rational investment strategy while developing healthy investment mechanisms.

Vice-Premier Zhang Dejiang also sent a congratulatory note, saying that all of Zhejiang's entrepreneurs should step up communication and insist on innovation in order to make greater contributions to the country's economy.

Private enterprises are a critical part of Zhejiang's economy, accounting for about 70 percent of its gross domestic product (GDP) and employing 90 percent of its workforce.