The Chinese government has made strong efforts to enhance the protection of property rights as it is the driving force and cornerstone of the socialist market economy, Chinese Premier Li Keqiang said in Beijing on Tuesday.

Li made the remarks at a press conference after the conclusion of China's annual legislative session.

Nowadays, private businesses account for about half of the government's tax revenues and contribute 90 percent to new urban employment.

Due to property rights issues and some other factors, private investment has been relatively weak for sometime, said Premier Li, adding that the government has paid very high attention to protect private businesses. 

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"Businesses of all types, be it a state-owned enterprise or a private business, have all made their important contributions to China’s tremendous economic growth in the past several decades." Li said. 

The premier made it clear that any new government officials are not allowed to disavow the agreements entered into by their predecessors, because a contract must be honored and constancy and continuity are essential in ensuring the efficient governance of the country.

In addition, Li confirmed that, land use rights for residential homes will be automatically renewed when their term expires, and second round rural land contracts can be extended by another 30 years, in a bid to ensure the people's property rights and keep with the spirits of rule of law. 

In a guideline on better protection of property rights issued in 2016, China pledged to provide equal, comprehensive and law-based protection to all kinds of property rights and encourage the public's participation in the process.