On May 20, China's first-ever Private Sector Promotion Law will come into effect, marking a groundbreaking step to unlock the full potential of the private economy. Introduced at a press conference by China's State Council Information Office, the new law is set to empower private enterprises—major drivers of the country's dynamic growth.
Private enterprises already contribute immensely, accounting for 56.8% of foreign trade, over 60% of GDP, more than 50% of fixed-asset investment and tax revenue, and over 70% of technological innovations. They also support more than 80% of urban employment, with over 90% of market entities being privately owned. 🚀
This bold move is expected to fuel further investments and stimulate innovative breakthroughs. Young entrepreneurs, students, and global investors alike are watching eagerly as the private sector cements its key role in shaping a vibrant and future-ready Chinese economy. 🌟
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Graphics: China's first law on private economy to come into effect
cgtn.com
