CHINA vowed to create a favourable environment, to offer more opportunities for private enterprises, and enhance mechanisms for private companies to participate in major national projects, said a senior financial official at a news conference on Friday.

Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, said the country will support capable private firms in leading significant national technological innovation projects.

"As the rule of law offers the best business environment, China will formulate and introduce a law to drive the development of private enterprises," he said, adding that more efforts will also be made to regulate administrative inspections of private firms.

The remarks were made as the 20th Central Committee of the Communist Party of China adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session held from Monday to Thursday.

Emphasizing the need to foster entrepreneurial spirit, Han also said that the country will accelerate the building of more world-class enterprises.

 - China Daily