On May 20, 2025, a historic chapter unfolded as the Private Economy Promotion Law of the People's Republic of China came into force. This law, decades in the making, officially seals the legal protection long awaited by the private sector—a pillar of national growth since the late 1970s.
What began as small township enterprises and individual merchants has transformed into a powerhouse of innovation, competition, and entrepreneurship. As many put it, "the waters finally reached the sea," marking a triumph that bolsters over 50% of national tax revenues, 60% of GDP, 70% of technological innovation, 80% of urban employment, and 90% of business entities.
This legal milestone not only safeguards years of hard work but also energizes future opportunities for young entrepreneurs, professionals, and innovators. Get ready to see an even more dynamic and protected economic landscape—one that champions fresh ideas and fuels a global spirit of innovation! 🚀
Reference(s):
From policy to legal rights: China's private economy ushers new era
cgtn.com
