A tourist visits the Bund during the Lunar New Year holiday in east China's Shanghai, Feb. 14, 2021. (Xinhua/Zhang Jiansong)

China's policy to support private economy hasn't changed, and won't change in the future; China will promote the private sector to play a bigger role in stabilizing growth and employment, adjusting structure, and encouraging innovation,Chinese Vice Premier Liu He said at the opening ceremony of the China International Digital Economy Expo 2021 through video on Monday.

The private economy has contributed more than 50 percent of the country's tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment, and more than 90 percent of new jobs and new firms.

Liu also stressed the importance of protecting a fair competition, and opposing monopoly in further developing the digital economy, urging efforts to discover and use comparative advantages, combining the characteristics of industries across different regions, encouraging innovation, and conducting differentiated competition.

The China International Digital Economy Expo 2021, scheduled to be run from Monday to Wednesday in Shijiazhuang, the capital of North China's Hebei Province.

The expo will focus on new business models, new economic trends, and hot topics in the digital economy, highlighting the coordinated development of the Beijing-Tianjin-Hebei region, the planning and construction of Xiong'an New Area and the preparation of the 2022 Winter Olympics, according to a report from the Xinhua News Agency.

We must adhere to the direction of socialist market economy reform, persist in advancing high-level opening to the outside world, adhere to the basic economic system of the primary stage of socialism, and resolutely protect intellectual property rights, Liu noted.

Global Times