Hi everyone. I’m Stephanie LI.
Coming up on today’s program
Here’s what you need to know about China in the past 24 hours
Chinese lawmakers are deliberating a draft of the country's first law specifically focusing on the private sector's development and protection, aiming to bolster the private economy through legal norms amid strategic reforms to optimize the business environment.
The draft, which comprises nine chapters and 78 articles, covers eight main aspects, including fair competition, improving the investment and financing environment, and scientific and technological innovation. It was submitted to an ongoing session of the Standing Committee of the National People's Congress, the country's top legislature, for deliberation on Saturday.
The issuance of the private economy promotion law was also mentioned as a key task for 2025 during the Central Economic Work Conference held earlier this month.
China has consistently been refining its legal frameworks to boost private economic development since the start of the year, with a focus on attracting investment, promoting equitable market access, and strengthening financial support across various regions and departments.
Data from the State Administration for Market Regulation shows that as of the end of September, the total number of registered private enterprises nationwide surpassed 55 million, accounting for 92.3 percent of all enterprises. In the first three quarters of this year, 6.19 million private enterprises were newly registered across the country, according to the administration.
The draft law emphasizes the implementation of a nationwide unified market access negative list system, saying that aside from areas on the negative list, various economic organizations, including private entities, will have equal access in accordance with the law.
Meanwhile, it also supports empowering capable private entities to spearhead major technological advancements, as well as advocates including private economic entities in major national scientific research infrastructure.
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Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
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