Chinese lawmakers have cast their vote in favor of a groundbreaking private sector promotion law, marking a major step toward leveling the playing field for all economic entities. According to Liu Min, deputy head of the National Development and Reform Commission's private economy development bureau, this law is designed to foster fair competition across diverse ownership structures.
The law emphasizes sustainable, healthy, and high-quality development of the private economy—a long-term policy goal in the Chinese mainland. Yang Heqing, head of the economic law department of the Legislative Affairs Commission of the NPC Standing Committee, highlighted its importance in strengthening the nation’s economic foundation.
Data from the State Administration for Market Regulation reveals that by the end of March 2025, over 57 million private enterprises were registered, accounting for 92.3% of all businesses. 🚀 This surge reflects a transformation that began with landmark reforms in the late 1970s and the establishment of special economic zones like Shenzhen, turning the Chinese mainland into a hub of innovation and investment.
It’s like a power-up boost in your favorite video game! Stay tuned as this dynamic law paves the way for exciting opportunities and future growth in the Chinese mainland. 🌟
Reference(s):
China's new law to boost private sector, utilize opportunities
cgtn.com
