Experts are calling it "right on time"! In a historic move, China's first national law dedicated to protecting and promoting the private sector has been passed after over a year of legislative deliberations. Set to take effect on May 20, 2025, this 78-article statute is expected to boost confidence and drive sustainable, high-quality growth across the private economy. 🚀
Amid global economic upheaval and trade tensions, the law arrives as a powerful safeguard for private enterprises – a group that has long been a key engine for domestic employment, consumption, and innovation. It provides clear measures for ensuring fair market access, solid financing support, and robust protection of innovation.
Industry insiders, including Li Hongjuan from the Economic System and Management Research Institute, emphasized that elevating the protection of private enterprises' rights to a statutory level marks a pivotal milestone. The law even prohibits the abuse of administrative or criminal measures to interfere in economic disputes and standardizes cross-jurisdictional law enforcement, directly addressing longstanding challenges such as discriminatory enforcement and financing hurdles.
This development reinforces a decades-long commitment under China's reform and opening-up policy, with dedicated efforts—like establishing a bureau under the National Development and Reform Commission—to coordinate support for private enterprises. The legal framework embodies China’s unwavering dedication to empowering the private sector during a critical juncture, fueling a new era of economic resilience and innovation. 🔥
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'Right on time': Experts welcome China's landmark private sector law
cgtn.com
