eople's Congress voted to pass the "Private Economy Promotion Law of the People's Republic of China" on the 30th, which will come into effect on May 20, 2025.

  As the first basic law in my country on the development of the private economy, the Private Economy Promotion Law has 9 chapters and 78 articles, including general provisions, fair competition, investment and financing promotion, scientific and technological innovation, standardized operation, service guarantee, rights protection, legal liability and appendix.

  The Law on Promoting the Private Economy, for the first time, has written "unswervingly consolidated and developed the public economy, unswervingly encouraged, supported and guided the development of the non-public economy" into the law, "promoting the healthy development of the private economy and the healthy growth of private economic personnel" into the law, for the first time, it has clarified the legal status of the private economy, and for the first time it has clearly stipulated that "promoting the sustained, healthy and high-quality development of the private economy is a major policy that the country has long adhered to."

  The Law on Promoting the Private Economy stipulates that the state adheres to encouraging, supporting and guiding the development of the private economy in accordance with the law, and better play the role of law in consolidating the fundamentals, stabilizing expectations, and benefiting the long-term. The state adheres to the principles of equal treatment, fair competition, equal protection and common development, and promotes the development and growth of the private economy. Private economic organizations enjoy equal legal status, market opportunities and development rights with other types of economic organizations.

  In terms of ensuring fair competition and promoting investment and financing, the Private Economy Promotion Law stipulates that the state implements a nationwide unified negative list system for market access. Areas outside the negative list of market access, all types of economic organizations, including private economic organizations, can enter equally according to law. Support private economic organizations to participate in major national strategies and major projects. Support private economic organizations to invest and start businesses in strategic emerging industries, future industries and other fields, encourage technological transformation and transformation and upgrading of traditional industries, and participate in investment and construction of modern infrastructure.

  In addition, the Private Economy Promotion Law not only encourages and supports the development of the private economy, but also focuses on strengthening standardized guidance, and encourages private economic organizations with conditions to establish and improve a modern enterprise system with Chinese characteristics. In terms of service guarantee, it is stipulated that people's governments at all levels and their relevant departments establish smooth and effective government-enterprise communication mechanisms, listen to the opinions and suggestions of various economic organizations, including private economic organizations, and solve the reasonable problems they reflect.

[Editor in charge: Wang Xue]