Beijing – Chinese lawmakers have adopted the private sector promotion law after its third review at the 15th session of the Standing Committee of the 14th National People's Congress in Beijing. The law aims to enable economic entities with diverse ownership structures to compete on an equal footing and ensure long-term, healthy, high-quality growth for the private economy.
Key Provisions and Insights
Liu Min, deputy head of the National Development and Reform Commission's private economy development bureau, emphasized that a level playing field is essential for innovation and competition. Yang Heqing, head of the economic law department of the Legislative Affairs Commission of the NPC Standing Committee, noted that promoting sustained and healthy development of the private sector is now a major, long-term policy.
Data from the State Administration for Market Regulation shows that by the end of March 2025, registered private enterprises in China exceeded 57 million, accounting for 92.3 percent of all businesses. This milestone reflects four decades of transformation since China's reform and opening-up, which began with special economic zones like Shenzhen and has grown into vibrant hubs for startups and global investment.
What This Means for Young Innovators
For entrepreneurs, tech enthusiasts, and global citizens, the new law offers renewed confidence and stability. Experts say it will unlock fresh opportunities, from local startups to cross-border collaborations, reinforcing China's role in the global innovation landscape.
Reference(s):
China's new law to boost private sector, utilize opportunities
cgtn.com
