Published Wed, Apr 30, 2025 · 05:55 PM
[BEIJING] China’s top legislature passed the private economy promotion law on Wednesday (Apr 30), state news agency Xinhua reported, to help shore up the private sector amid trade tensions with the United States.
The law will take effect from May 20 and includes provisions on fair competition, access to investment and financing and rights protection.
The new law “will further optimise the development environment for private businesses, ensure fair market competition among all types of economic entities, promote the healthy growth of both the private economy and private entrepreneurs,” Xinhua said.
The law consists of nine chapters and 78 articles, including fair competition, investment and financing promotion, technological innovation, and rights protection, it added.
The government has in recent months unveiled a raft of measures to support the depressed private firms and the economy, which has been reeling from weak domestic consumption and a destabilising debt crisis in the property sector.
The private sector in China, which competes with state-owned companies, contributes more than half of tax revenue, over 60 per cent of economic output and 70 per cent of tech innovation, official estimates show. REUTERS
Share with us your feedback on BT’s products and services