Chinese authorities have introduced a landmark legislative framework to revitalize the nation's private sector, a critical driver of economic growth. During a press conference hosted by the State Council Information Office (SCIO), Vice-Minister of Justice Wang Zhenjiang emphasized the new Private Sector Promotion Law as a "milestone in fostering innovation, job creation, and equitable development."
The law, jointly developed by the Legislative Affairs Commission of the National People's Congress Standing Committee and key economic bodies, prioritizes simplifying administrative procedures, expanding market access, and enhancing legal protections for private enterprises. Officials from the National Development and Reform Commission noted that the legislation aligns with broader efforts to achieve high-quality growth amid global economic uncertainties.
Key measures include tax incentives for tech-driven startups, streamlined licensing for cross-border trade, and stronger intellectual property safeguards. Representatives from the National Financial Regulatory Administration highlighted plans for improved access to financing, particularly for small and medium-sized businesses.
"This law reinforces our commitment to creating a business-friendly ecosystem," stated a spokesperson from the All-China Federation of Industry and Commerce, citing recent surveys showing rising confidence among private entrepreneurs.
The move follows the State Council’s 2023 guidelines on private sector revitalization and comes as China advances its dual-circulation strategy to balance domestic and international markets. Analysts suggest the reforms could spur foreign investment opportunities while strengthening supply chains across Asia.
