THE boss of one of Shanghai’s largest private companies joined the mayor of the city Wednesday in meeting with the president of German-based electronics giant ABB, the first time a private sector businessmanhas participated in such an occasion in China.

　“This is my first time and I feel greatly honored,” said Shen Wen, board chairman of the Zijiang Group, one of the city’s largest private enterprises. “It’s encouraging for me.”

　With China’s rapid economic growth and broadening economic reform, private companies are now playing an increasingly important role in the country’s economic and social arena.

　About 170 new enterprises are established each day in Shanghai.So far, the number of private companies has topped 200,000, accounting for half the city’s total businesses. More than 140 private companies have been licensed for importing and exporting .

　The Shanghai Municipal Government has passed a dozen regulations in recent years to allow private businesses to invest in infrastructure, education and hospitals which was previously denied to them.

　During the first half of the year, tax revenue from private businesses for the first time exceeded 10 percent of the city’s total tax revenue, according to official figures.(Xinhua)