China needs to relax its curbs on import rights for some of the country's most demanded natural resources by allowing private companies to tap into the market, suggested Zong Qinghou, a deputy to the National People's Congress, on Sunday.

Zong, who was one of China's richest men, said that private companies that have abundant cash in hands are willing to participate in sectors such as crude oil imports, which are currently being dominated by several big State-owned companies.

Zong is chairman of Hangzhou Wahaha Group Co, the country's largest beverage producer.

Private companies are flexible and will adopt more market-oriented policies to ward off risks.

More importantly, they will help the country import these resources at reasonable prices. This will protect the country's energy and natural resources security, he said.

Zong also suggested letting private companies establish banks to support cash-strapped small enterprises that are unable to get loans from big banks.

The State Council, or China's cabinet, issued a series of new rules called the "New 36 Clauses" in May 2010. These rules encourage the private sector's participation in such industries as infrastructure, public services and financial services, which currently are dominated by State-owned companies.

So far, however, few private companies have successfully entered these sectors due to the absence of detailed polices.