People work at a workshop of Jack Sewing Machine Co Ltd in Taizhou, east China's Zhejiang province, March 23, 2023. (PHOTO / XINHUA)

BEIJING - China will step up policy support and provide a better service to the private sector to facilitate its development, an official with the country's top economic planner told the China Economic Roundtable hosted by Xinhua News Agency.

The fundamentals of China's sound economic development in the long run remain unchanged, and the private sector, as a new driving force for Chinese modernization, has also sustained a long-term upturn, said Wei Dong, head of the bureau for private economy development under the National Development and Reform Commission.

Speaking at the roundtable on Monday, Wei said China's private sector saw faster growth in secondary industry investment, steady industrial output and rapid foreign trade expansion in the first three quarters of 2023 amid a steady recovery of the macro economy.

Wei Dong said the private sector will shoulder greater responsibilities and play an even more important role in advancing the rejuvenation of the Chinese nation

Growth of value-added industrial output of China's major private enterprises steadied at 3.3 percent year-on-year in September, roughly flat with the 3.4 percent registered in August.

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He highlighted that the private sector has been a "stabilizer" for China's foreign trade, pointing out that its yuan-denominated imports and exports climbed 6.1 percent year-on-year in the first three quarters, accounting for 53.1 percent of the total. In particular, both the import and export growth of private businesses outpaced the headline levels.

The official also said private firms are fully capable of seizing new opportunities generated by global industrial structural and distribution adjustments, and China will organize six major service platforms to deliver quality services to private firms.

One platform will focus on reviewing the effectiveness of supportive policies for private enterprises, so as to make the policies more forward-looking, targeted, precise, and effective, according to Wei.

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Two platforms will concentrate on seeking advice from all social sectors concerning private sector development and on facilitating the sector's exchanges and cooperation with the world to elevate its competitiveness in the global arena, the official said.

The remaining platforms will be tasked with strengthening the monitoring and assessment of private enterprises and with enhancing publicity, Wei added.

He said the private sector will shoulder greater responsibilities and play an even more important role in advancing the rejuvenation of the Chinese nation.

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Regarding Chinese private companies' global competitiveness, the bureau will shortly organize a symposium to solicit advice from such companies and help them improve risk prevention capabilities, said the official.

China Economic Roundtable is an all-media talk platform launched by Xinhua, with the second episode featuring the Chinese private economy.