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Xiong Maoping from the State Administration for Market Regulation said efforts will be taken to promote more convenient and transparent market entry.

"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.

Fourth, we should focus on innovation to tap new sources of growth. Breakthroughs are being made one after another in frontier areas such as information technology, life sciences, smart manufacturing and green energy, and new materials, new products and new business forms are replacing existing ones at a faster pace. Big data, 3D printing and artificial intelligence, which we read about only in science fiction in the past, are now part of our daily life. The future is already with us.

Xiao Jie, state councilor and secretary-general of the State Council, announced the beginning of the ceremony, at which officials sang the national anthem first and recited the oath.

Xi reiterated the status and functions of private enterprises, adding that the sector has played an important role in developing the socialist market economy, transforming government functions, transferring surplus rural labor and tapping the international market.