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The fourth Chinese Private Enterprise Summit, the largest of its kind in China, opened Saturday in east China's Zhejiang Province.

More than 3,000 private entrepreneurs both at home and abroad attended the two-day summit held in Hangzhou, the provincial capital.

With the theme of "Innovation, Credibility and Harmony", the summit had a series of forums on innovation, real estate development and Chinese private entrepreneurs.

"Weakness in innovation and enterprise management now hinder the development of private enterprises in China," said Jiang Zhenghua, vice-chairman of the National People's Congress Standing Committee, China's top legislature, at the opening ceremony.

Chinese private enterprises should make use of the opportunities in globalization and nurture their own brands on the basis of good management, he said.

The summit was sponsored by the Private Economic Studies Center under the Chinese Academy of Social Sciences, Zhejiang Provincial Administration for Industry and Commerce, and Zhejiang Private (Non-Governmental) Enterprises' Association.

A key sector in the province's economy, private enterprises hold 90 percent of jobs and 70 percent of the gross domestic product in Zhejiang.

(Xinhua News Agency November 5, 2006)