China Drafts First Basic Law to Boost Private Sector Development

Beijing, The Gulf Observer: Chinese lawmakers are reviewing a draft of the country’s first foundational law dedicated to the development of the private sector.

He Rong, Minister of Justice, emphasized that the law aims to establish a legal framework favorable for the growth of all economic sectors, including the private sector. She made this statement while explaining the draft during the ongoing session of the Standing Committee of the National People’s Congress, China’s top legislative body.

The proposed private sector promotion law addresses key areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, protection of rights and interests, and legal liabilities.

Lawmakers believe this law is a significant step toward optimizing the development environment for private businesses, accelerating the transition to a new development paradigm, and driving high-quality economic growth.

He Rong also noted that the draft law incorporates valuable suggestions from private sector representatives, experts, scholars, and the general public.