Premier Li Keqiang received three rounds of applause during his opening speech at the 2018 Summer Davos Forum in Tianjin on Sept 19, especially when he spoke about the private economy.

Premier Li reiterated that China will unswervingly consolidate and develop the public sector of the economy, while encouraging, supporting and guiding the development of the nonpublic sector of the economy.

He also said that China will further implement and improve policies and measures to support the development of the private economy, and eliminate obstacles that hinder that development.

He added that the Chinese government will make more efforts to ease market access for private enterprises.

The Chinese government has taken various measures to ease difficult and costly financing for small and medium-sized enterprises, and most among them are private enterprises, the Premier said, adding that private enterprises not only contribute more than 50 percent to the tax revenue of the country, but also supply China’s largest employment.