China Releases Draft Law to Boost Private Sector
On Thursday, Beijing released a draft law to promote the private sector, aiming to revive business confidence shaken by policy uncertainties and a post-Covid economic slowdown. The draft, from the National Development and Reform Commission and the Ministry of Justice, seeks to address sector challenges by creating a stable and fair business environment. It emphasizes the private economy's role in China's modernization and aims to protect entrepreneurs' rights and foster innovation.
On Thursday, Beijing unveiled a draft law aimed at promoting the private sector, a significant move to restore business confidence amid policy uncertainties and a post-Covid economic downturn.
The National Development and Reform Commission (NDRC) and the Ministry of Justice announced that the legislation is designed to systematically tackle the sector's challenges by fostering a stable, fair, transparent, and predictable business environment.
The draft law emphasizes the private economy as a crucial part of China's socialist market economy and modernization efforts.
Open for public opinion until November 8, the 77-article draft outlines measures to ensure fair market competition, improve the investment climate, support technological innovation, and protect economic rights.
It also addresses private entrepreneurs' concerns about property protection, rights safeguarding, and limits on criminal investigations.
The National Development and Reform Commission (NDRC) and the Ministry of Justice announced that the legislation is designed to systematically tackle the sector's challenges by fostering a stable, fair, transparent, and predictable business environment.
The draft law emphasizes the private economy as a crucial part of China's socialist market economy and modernization efforts.
Open for public opinion until November 8, the 77-article draft outlines measures to ensure fair market competition, improve the investment climate, support technological innovation, and protect economic rights.
It also addresses private entrepreneurs' concerns about property protection, rights safeguarding, and limits on criminal investigations.
