Chinese consumer electronics company TCL Corp is to invest 80 billion yuan ($11.9 billion) in semiconductor display, artificial intelligence, big data and intelligent manufacturing in the next three years, said Li Dongsheng, chairman and CEO.

Li made the comments from the sidelines of the ongoing two sessions.

Li, who is a deputy to the 13th National People's Congress, spoke of his confidence in China's private economy.

"This generation of private entrepreneurs grew up on the backdrop of the country's reform and opening-up policy," Li said, adding entrepreneurs should take responsibility for economic and social development.

The country should further improve the business environment to ensure fair competition, as well as strengthen laws and regulations protecting various businesses equally, Li said.