Private entrepreneurs in the capital are encouraged by President Xi Jinping's speech on supporting non-public sectors and are determined to seize the opportunity to enhance their competitiveness.

Situated at the nation's technological and scientific innovation hub, private companies in Beijing are mainly in the internet, cultural and science industries.

They face similar difficulties such as financing, high rental costs for workspaces and the outflow of talents due to the high cost of living in the city, in addition to the nation's ongoing economic restructuring and trade tensions with the United States.

Therefore, Xi's meeting with more than 50 private entrepreneurs on Nov 1 in Beijing and his speech saying that the central government would help the private economy with tax cuts and financing facilitation policies have helped sweep away doubts and brought a new wave of confidence to the city's private entrepreneurs.

Tang Ling, senior vice-president of Lakala Payment Co, a third-party payment service provider established in 2005 in Beijing's Haidian district, said Xi's speech is a milestone in the development of the private economy.

"As a payment service provider, we have two strong competitors - Tencent in Shenzhen and Alibaba in Hangzhou. We have been making efforts to build a strong Beijing brand in this sector," he said.

"The company has practical difficulties, and sometimes we are unclear about our direction and future. The speech has given us the determination that it's worthwhile to keep going forward."

Wang Xiaolan, president of Time Group Inc, a machinery manufacturing service provider founded in 1984 in Beijing, was at the meeting with Xi.

She said Xi's speech showed the president's deep understanding of the current domestic and overseas business climate.

"It's understandable that private companies have some worries at this stage," she said. "Private companies should seize the opportunity to transfer from old business modes to new ones, and get prepared for the next industrial and technological reforms."

At the meeting, Xi said the private economy is an essential element of China's economic system, and that "private enterprises and private entrepreneurs belong to our own family".

Li Jun, chairman of Leyard Group, a visual media products manufacturer in Zhongguancun Science Park in Haidian and the world's biggest LED video display producer, said he felt encouraged after listening to Xi's speech.

He suggested the country should regard "boosting the stock market" as a national economic strategy.

Yu Xinxing, deputy head of the commerce commission of Haidian district, said private companies have contributed greatly to the economy over the past 40 years.

To help the companies solve their problems, he said the authorities will improve the living facilities where many companies are located in order to help them retain their staff and attract talents.

Meanwhile, the government will build platforms to help small and medium-sized companies' financing needs, he said.

At the meeting, Xi introduced six measures, including easing companies' tax burden, resolving private companies' difficulties in borrowing money, building a fairer environment for competition, and protecting private enterprises and their wealth.