China is taking a significant step towards fostering a robust private sector by releasing a draft law specifically aimed at promoting the development of private businesses. This landmark legislation, now open for public input until November 8, comprises 77 articles spread across nine chapters, emphasizing equal treatment and protection for private enterprises.
Experts highlight that the draft law seeks to create a more favorable, law-based environment conducive to the growth of all economic sectors. Qi Xiangdong, vice-chairman of the All-China Federation of Industry and Commerce, praised the draft as practical and effective, stating that it aligns with the expectations of private businesses and clearly delineates the responsibilities of various departments and localities.
The proposed law includes several key provisions aimed at ensuring fair participation and competition for private businesses in the market. It seeks to improve the investment and financing landscape, support technological innovations, optimize services, and strengthen the protection of rights and interests for private enterprises and their employees.
A significant aspect of the draft is the implementation of a nationwide unified negative list system for market access. This system ensures that in areas not included in the negative list, all economic entities, including private enterprises, enjoy equal legal access.
Wang Yi, vice-president of Renmin University of China, emphasized the draft's focus on supporting technological innovation, highlighting practical measures that encourage private enterprises to invest in strategic emerging and future industries. The law also promotes the upgrading and transformation of traditional industries and facilitates the participation of private businesses in national scientific and technological research projects.
Moreover, the draft law underscores the importance of establishing effective communication channels between the government and enterprises. It advocates for the inclusion of private businesses, industry associations, and chambers of commerce in the formulation of laws, regulations, and major decisions related to market activities.
The draft, available on the Ministry of Justice and the National Development and Reform Commission websites, welcomes public comments until the specified deadline, reflecting China's commitment to inclusive and consultative legislative processes.
Reference(s):
cgtn.com
