China will vigorously support growth of the private sector, as it can play a great role in stabilizing employment, adjusting economic structure and promoting innovation, Chinese Vice Premier Liu He said Monday at the opening ceremony of the 2021 China International Digital Economy Expo.

The private sector has contributed more than 50 percent of tax revenue, over 60 percent of GDP, over 70 percent of technological innovation as well as more than 80 percent of urban employment and has over 90 percent of market players, Liu said in a video speech.

For the development of the digital economy, private companies should have a strong sense of innovation, seize development opportunities and strive to attract and train talents, according to Liu.

The country will continue to improve the legal environment, promote fair competition and oppose monopoly. It will also resolutely protect property rights, including intellectual property rights, the vice premier said.