Beijing, China — Chinese lawmakers are considering a groundbreaking draft law aimed at promoting the development of the private sector. This marks the country’s first basic law specifically focused on private enterprises.
He Rong, China’s Minister of Justice, introduced the draft during the ongoing session of the Standing Committee of the National People’s Congress, the nation’s top legislative body. He emphasized that the proposed law would create a legal environment favorable to the growth of all economic sectors, including private businesses.
The draft law addresses key areas such as fair competition, investment and financing, technological innovation, regulatory guidance, service support, protection of rights and interests, and legal liabilities. By focusing on these areas, the government aims to foster a more vibrant and competitive private sector.
Lawmakers agreed that the new law is significant for optimizing the development environment for private enterprises. They believe it will accelerate the formation of a new development paradigm and drive high-quality economic growth in China.
“The draft has incorporated suggestions from representatives of the private sector, experts, scholars, and the general public,” He Rong stated, highlighting the inclusive approach taken in crafting the law.
Reference(s):
cgtn.com
