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The private sector now plays an important role in the Chinese economy, contributing to more than half of tax revenue, 60 percent of the gross domestic product (GDP), 70 percent of technological innovation and new products, 80 percent of urban employment and 90 percent of new jobs.

BEIJING, Nov. 20 (Xinhua) -- Chinese President Xi Jinping and his Palestinian counterpart Mahmoud Abbas on Tuesday exchanged congratulations on the 30th anniversary of the establishment of diplomatic relations between the two countries.

Xi urged efforts to strengthen basic research and application, pay attention to the role played by enterprises, enhance intellectual property protection, value innovative talent, and foster and strengthen new industries and innovation-driven enterprises.

According to the document, China and the Philippines welcomed the signing of the MoU on Cooperation on Oil and Gas Development between the two governments, and agreed to discuss maritime cooperation including maritime oil and gas exploration, sustainable use of mineral, energy and other marine resources.

For his part, Steinmeier said he has felt the tremendous vitality of China's economic development, as well as the increasingly closer people-to-people exchanges between Germany and China.