He underlined the important role that the private economy plays in pushing the development of the socialist market economy, promoting the supply-side structural reform, seeking high-quality development and building a modernized economy.

The private economy is also an important force for the Party's long-term governance and for the Party to lead the Chinese people to deliver on the two centenary goals and realize the Chinese Dream of national rejuvenation, Xi said.

Some private companies have recently encountered some difficulties and problems in their development in terms of market, financing and transformation, Xi said, citing the combined result of multiple contradictions including external and internal as well as objective and subjective factors.

"These difficulties are obstacles in the process of development, issues in the course of progress and pains as the country grows, and they will surely be solved through development," Xi said.

Xi stressed that staying focused, enhancing confidence and concentrating on the country's own affairs is the key to coping with all kinds of risks and challenges.

Currently, the country maintains overall economic stability with steady progress, and economic performance is kept within a reasonable range, Xi said.

At the same time, growth uncertainties have been on the rise, downward pressures have increased and companies have been facing more difficulties, he said.

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