BEIJING: China has blazed new trails for the country's private economy against the backdrop of sluggish world economic recovery, aiming to boost the development of a sector that is expected to be a pioneer of innovative development and a major driving force for Chinese modernization.

'China's economy will continue to improve in the long run, and the private economy, a major force in China's modernization drive, will also enjoy long-term positive momentum,' said Wei Dong, head of the newly established bureau for private economy development under the National Development and Reform Commission (NDRC), at the China Economic Roundtable hosted by Xinhua.