Asked what sectors do attract them, regardless of SOEs' role, mobile Internet and services for the elderly - already thriving with private capital - took the highest score.

Bao Yujun, president of the China Private Enterprises Association, who presided over the panel, said the results reflect the existing gap between vision and reality.

He said many private entrepreneurs see that the pledge to give private companies a greater role in the economy is only stated in the Party document, and they believe it would be much better if it could be written into law.

"They think policies might change along with changes in leadership. Only specific stipulations in the laws could give them a guarantee," he said.

He suggested amending several laws, ranging from civil and criminal law to land management law, and even the Constitution, which contain articles that discriminate against private companies.

Li Zibin, president of the China Association of Small and Medium Enterprises, said this year and next will be a "critical time" for SOE reform. If substantial reform moves are taken during this period, it will send strong signals to private investors and facilitate subsequent reform; otherwise, the market will be disappointed and a critical window of time will pass.

What reforms will eventually persuade entrepreneurs to take bold moves? According to the Boao survey, improving the legal environment and fundamentally changing the government's role are most urgent, followed by market access.

"We don't want favorable policies so much as we yearn for a level playing ground," said one entrepreneur.

Celebrities at Boao Forum for Asia

Boao Forum 2014 to be held in April