China's latest push to create a favorable environment for the private sector and boost the growth of private enterprises is expected to shore up business confidence and revitalize the growth of the world's second-largest economy, said experts and company executives.

Their comments came after the third plenary session of the 20th Central Committee of the Communist Party of China adopted a resolution on further deepening reform comprehensively to advance Chinese modernization.

They added that the resolution will bring about new opportunities for the high-quality development of the private economy. It also will further motivate private enterprises to enhance their innovation capabilities and achieve breakthroughs in crucial technologies, they said.

The resolution said that China will continue to implement principles and policies that help foster a favorable environment and create more opportunities for the development of the nonpublic sector, while formulating a law to promote the private economy.

More efforts will be made to remove barriers to market access, improve the long-term mechanism for private enterprises to participate in major national projects, support capable private companies in leading significant national technological and innovation projects, and provide private enterprises with greater access to major national scientific research infrastructure.

The country will refine financing support policies and systems for private enterprises to resolve the difficulties they face in accessing affordable financing, the resolution added.

Zhou Maohua, an analyst at China Everbright Bank, said the private sector serves as a vital force in advancing Chinese modernization and plays a key role in stabilizing economic growth, expanding employment and boosting technological innovation.

Noting that some private enterprises have been facing challenges from cash flow pressure and financing difficulties, Zhou said that it is "important to strengthen financial support for micro, small and medium-sized enterprises, and further deepen reform to eliminate hidden barriers that hinder the development of the private sector".

Hong Yong, an associate research fellow at the e-commerce research institute of the Chinese Academy of International Trade and Economic Cooperation, said the country's move to draft a law on promoting the private economy reflects its strong dedication to nurturing the private economy, with a specific emphasis on addressing the fundamental concerns of private enterprises.

"It signals a significant step toward creating a more transparent, stable and predictable business environment that ensures fair competition," Hong said, adding that legislative efforts will not only remove systemic barriers, but also invigorate business dynamism and foster the advancement of new quality productive forces.

Private companies, a key driving force behind China's economic ascent over the past decades, contribute more than 60 percent of gross domestic product, 70 percent of technological innovation and 80 percent of urban employment, official data showed.

Li Dongsheng, founder and chairman of consumer electronics maker TCL Technology Group Corp, said the resolution has set the direction for the high-quality development of the private sector and will greatly boost the company's confidence in future growth and stimulate the entrepreneurial spirit of private businesspeople.

Lei Jun, founder, chairman and CEO of Chinese smartphone maker Xiaomi Corp, said that measures such as supporting technological innovation will help boost the high-quality development of the private sector.

Contact the writers at fanfeifei@chinadaily.com.cn