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China Initiates Legislation Drafting for Promotion of Private Economy

Beijing, February 21, 2024, The Europe Today: China’s Minister of Justice, He Rong, announced on Wednesday during a symposium that the country has commenced the drafting of a new law aimed at promoting its private economy. The symposium, a collaborative effort by the Ministry of Justice, the National Development and Reform Commission, and the Legislative Affairs Commission of the National People’s Congress Standing Committee, brought together representatives from private enterprises and academia to deliberate on crucial aspects of the impending legislation.

Minister He Rong highlighted the significance of widespread public input in the drafting process, emphasizing the need to solicit opinions from various segments of society. He expressed the intention to foster consensus among diverse stakeholders, ensuring that the law will be instrumental in fostering the robust and healthy development of the private sector.

The symposium attendees, representing a spectrum of private enterprises and academic institutions, engaged in comprehensive discussions on the proposed legislation. Addressing the concerns voiced by private enterprises, the participants underscored the importance of safeguarding property rights for private businesses. Additionally, they emphasized the necessity of ensuring equal participation in market competition and resolving issues related to overdue payments owed to small and medium-sized businesses.

The consensus among attendees centered on the pivotal role the new legislation would play in addressing these critical aspects, creating an environment conducive to the sustained growth of the private sector.

The symposium participants stressed the imperative of instilling confidence, invigorating business entities, and fostering creativity within the private sector. Recognizing the private economy as a vital component of China’s economic landscape, they expressed a collective commitment to advancing new productive forces and contributing to the nation’s overall economic development.

As the drafting process unfolds, the Ministry of Justice, in collaboration with relevant authorities, aims to ensure the inclusive and comprehensive nature of the legislation. The development of this law signals a commitment to providing a robust legal framework that supports the dynamic growth and innovation of China’s private economy.