Bao Yujun, chairman of the China Private Sector Association, attends a private sector roundtable at the Boao Forum for Asia 2013 Annual Conference in Hainan, China. [Gong Jie/China.org.cn]

Chinese economic growth will rely heavily on private sector investment in the coming five to ten years, said Bao Yujun, chairman of the China Private Sector Association. Bao made the remarks during a private sector roundtable at the Boao Forum for Asia 2013 Annual Conference, which runs from April 6 to April 8 in Hainan Province.

He explained that the private sector accounted for 62.1% of total fixed investment in 2012. According to his study, the private sector will need to contribute about 70% of total fixed investment for GDP growth to increase by 7.5% in 2013. "The private sector is expected to grow in the IT, healthcare and financial services sectors," he added.

Bao calls for the government to create a fair regulatory environment which allows for the private sector to develop independently. "It should be responsible for monitoring, pursuing fairness and creating a transparent environment for competition, but it should not pick favorites," said Bao.

China's private sector plays an important role in the nation's economy and will contribute more to the economy in the future. However, the private sector currently does not have a fair regulatory environment to develop compared with those state-owned enterprises in China. Nevertheless, 52% of roundtable participants believe that the private enterprise business environment will be improved because there are high expectations for the new Chinese leadership to contribute to fair competition in the business environment over the coming three to five years.