Meanwhile, the government amended related policies for foreign investors' mergers and acquisitions of domestic enterprises. By the end of 2007, foreign investors had acquired stakes in 21,800 domestic enterprises.

State-owned sector changes

During the past 30 years, the non-public sector of the economy has developed at a fast pace. At present, the state-owned economy no longer holds monopolistic status in China, and private, foreign and state-owned businesses coexist in the country's economic system.

The NBS reports pointed out that state-owned enterprises created 77.6 percent of total industrial output in 1978, but that this amount had dropped to 29.5 percent in 2007.

Li Xiaochao said although the percentage had fallen, the state-owned economy still retained an absolute advantage in key industries and major industrial links.

Researcher Yin Zhongli said China's non-public sector's biggest contribution to economy was striking a balance between the nation's total supply and demand. Thirty years ago, before the reform policy was adopted, China suffered a serious shortage of commodities and services. People only could obtain food by using food tickets issued by the government. But after 1978, the country's commodity supplies were greatly increased and could fulfill the needs of its citizens.

The NBS reports indicated that by 2007, China's grain output reached 501.6 million tons, up 64.6 percent from that of 1978. In 2007, the industrial added value surpassed 10 trillion yuan ($1.47 trillion), growing 23 times the amount in 1978.

In 2007, China ranked first in the world in the output of agricultural products such as grain, meat and cotton, and industrial products such as steel, coal, cement and fertilizer.