China touts new law as foundation for private sector growth
A week after the passage of a law on China’s private economy, officials said the bill will ‘unleash’ the potential of the non-state sector
“There is an urgent need to improve relevant institutional measures in response to prominent problems encountered [by the private enterprises] in practice,” said Wang Zhenjiang, China’s vice-minister of justice, at a press conference for the new law on Thursday.
Wang added that private enterprises still face difficulties in areas such as fair market competition, equal market access, financial support and legal protections.
The law has clearly defined the legal status of the private economy and the government’s support for it for the first time, Wang said, adding the legislation is “expected to further unleash the internal momentum and creative vitality of the private sector.”
Officials from the Legislative Affairs Commission of the National People’s Congress Standing Committee – China’s highest legislative body – attended the briefing with representatives from the National Development and Reform Commission (NDRC), the country’s top economic planner.
Also present were figures from the National Financial Regulatory Administration (NFRA) and the All-China Federation of Industry and Commerce.