"Pass!" On the morning of April 30, 2025, in the Great Hall of the People, the 15th meeting of the Standing Committee of the 14th National People's Congress voted to pass the Law on the Promotion of Private Economy. Private economy is the new force to promote Chinese path to modernization. As the first fundamental law in China specifically related to the development of the private economy, the Law on the Promotion of the Private Economy transforms the guidelines, policies, and effective practices of the Party Central Committee and the State Council on the private economy into a legal system, which will further enhance the confidence of private enterprises in development, stimulate their vitality, and enable the vast forest of the private economy to flourish. The legislative significance is significant. In 1980, Zhang Huamei from Wenzhou, Zhejiang received her first individual business license. For over 40 years, the reform and opening up has activated a pool of spring water, and the private economy has grown from small to large and from weak to strong. Private enterprises have become a thriving force driving China's economic development. Yang Heqing, director of the Economic Law Office of the Law Working Committee of the Standing Committee of the National People's Congress, said that at present, the private economy is facing new opportunities as well as some difficulties and challenges in its development. It is necessary to address the prominent problems faced by the healthy development of the private economy, implement the major policies and measures of the Party Central Committee on promoting the development of the private economy through legislation, consolidate the achievements of the development of the private economy, and create a legal environment conducive to the sustained, healthy, and high-quality development of the private economy. For the first time, the Law on the Promotion of the Private Economy has incorporated the principle of 'two unwavering' into the law, lowering the requirements of the Party Central Committee for equal treatment and protection of the private economy. This fully demonstrates the Party Central Committee's firm determination to promote the sustained, healthy, and high-quality development of the private economy, and further demonstrates to all sectors of society that the development of the private economy is a major policy that the Party and the state have consistently adhered to and will continue to adhere to for a long time. It better plays the role of the rule of law in consolidating the foundation, stabilizing expectations, and ensuring long-term benefits. ”Jiang Shan, Director of the Legislative Affairs Bureau of the Ministry of Justice, said. From "fair competition", "investment and financing promotion", "technological innovation", to "standardized operation", "service guarantee", "rights protection"... The Private Economy Promotion Law actively responds to the key concerns in the development of private enterprises. Specific provisions have been made by law to encourage, support, and guide the development of the private economy, ensuring that all types of ownership economies use production factors equally in accordance with the law, participate in market competition fairly, and receive equal legal protection, promoting the complementary advantages and common development of all types of ownership economies. ”Liu Min, Deputy Director of the Private Economy Development Bureau of the National Development and Reform Commission, said. Professor Li Shuguang from China University of Political Science and Law stated that for a long time, regulations related to the private economy in China have been scattered in laws and other policy documents such as the Civil Code and the Law on the Promotion of Small and Medium sized Enterprises. As a systematic legislation, the Law on the Promotion of the Private Economy provides a clearer and more stable legal guarantee for the private economy. Scientific legislation, democratic legislation, and legislation in accordance with the law. Jiang Shan introduced that the Ministry of Justice and the National Development and Reform Commission have led the establishment of a legislative drafting task force composed of 17 relevant units of central and state organs. Multiple visits to local areas for research, holding symposiums to listen to opinions and suggestions from all parties, and revising several drafts to form a draft for soliciting opinions. The draft will be publicly solicited for opinions in October 2024. From the perspective of the legislative process, the formulation of the Law on the Promotion of Private Economy is a vivid practice of adhering to and practicing people's democracy throughout the entire process. ”Yang Heqing said. Promoting fair competition and stimulating innovation vitality through the rule of law is a prerequisite for private enterprises to participate in economic activities, and fair competition is the basic principle of market economy. Ensuring fairness and justice is one of the important principles upheld by the Law on the Promotion of Private Economy, and the entire law is guided by the values of equality and fairness. ”Introduction by Tu Wen, Minister of the Legal Services Department of the All China Federation of Industry and Commerce. The Law on the Promotion of Private Economy focuses on improving and perfecting the institutional mechanisms for fair participation in market competition in the field of market access for private economic organizations. This includes implementing a nationwide unified negative list system for market access, implementing a fair competition review system, and ensuring the equal use of various production factors and public service resources in accordance with the law. The negative list will become shorter and the market competition environment will definitely improve. The promulgation of the Law on the Promotion of Private Economy has made me deeply feel the importance, concern, encouragement, and support of the Party and the state towards private enterprises. ”Liu Yong, Chairman of New Hope Group, is easy to say. Supporting private economic organizations to participate in major national strategies and projects; Publish information on major projects that encourage private economic investment; Providing standardized, efficient, and convenient services for private economic organizations to invest... A series of provisions in the Private Economy Promotion Law will further stimulate the vitality of private investment. The Law on the Promotion of Private Economy adheres to the principle of promoting development, focuses on solving the problems of private enterprises' "reluctance to invest" and "difficulty and high cost of financing", responds to the key concerns of private economic organizations through the legal system, and enhances development momentum. ”Zhang Shouwen, President of the Economic Law Research Association of the China Law Society, said. Developing new quality productive forces has great potential for the private economy. As of now, China has cultivated over 600000 technology-based and innovative small and medium-sized enterprises, as well as over 420000 national high-tech enterprises, most of which are private enterprises. The Law on the Promotion of Private Economy supports private economic organizations to participate in national scientific and technological research projects, and supports capable private economic organizations to take the lead in undertaking major national technological research tasks. In addition, regulations are being made to promote the deep integration of industry, academia, and research, and to support private economic organizations in strengthening the application of new technologies. The rule of law is the best business environment. The Private Economy Promotion Law has made detailed provisions from multiple aspects, including establishing a smooth and effective communication mechanism between government and enterprises, improving policies and measures for talent incentives and service guarantees, and establishing a sound system for punishing dishonesty and repairing credit. In order to implement the institutional measures stipulated in this law, a special chapter on 'Legal Responsibility' is established to strengthen the legal responsibility for illegal acts and enhance the binding force of the system. ”Jiang Shan said. The vitality of implementing the law to ensure the rule of law for the private economy lies in its implementation. It is particularly crucial to gather the joint efforts of all parties to implement the rule of law guarantee for the private economy. A few days ago, the All China Federation of Industry and Commerce and the Ministry of Justice jointly held the second New Era Private Entrepreneurs Legal Literacy Training Course and Legal Literacy Improvement Week in Beijing, guiding private entrepreneurs to set an example in establishing a correct legal concept, operating in compliance with the law, and improving corporate governance. The All China Federation of Industry and Commerce will carry out special publicity and training on the Promotion of Private Economy Law, to help private enterprises deeply understand the decision-making and deployment of the Party Central Committee to promote the development and growth of the private economy, timely clarify doubts, consolidate consensus, and boost confidence. ”Tu Wen stated. The Ministry of Justice will take the promulgation of the Private Economy Promotion Law as an opportunity to continuously regulate administrative law enforcement behavior. ”Liu Bo, Director of the Administrative Law Enforcement Coordination and Supervision Bureau of the Ministry of Justice, introduced that based on the actual situation in various regions, we will urge them to strengthen problem investigation, correction and rectification. At the same time, we will timely transform the good experience and practices formed in the special action of regulating enterprise law enforcement into specific institutional measures, and bring down the relevant legal provisions of the Private Economy Promotion Law, creating a good legal environment for enterprises to operate and work with peace of mind. Since October last year, Guangdong has issued over 630 billion yuan in loans to support financing for small and micro enterprises; Shandong guides more private capital to participate in major strategies such as green, low-carbon, and high-quality development pilot zones, and modern marine economic development highlands; Chongqing is implementing the "one thing, one process" reform throughout the entire life cycle of enterprises... Various regions are based on reality and adapting to local conditions to break down barriers, solve problems, and streamline bottlenecks for the high-quality development of the private economy. Inspire the vitality of the private economy with practical measures, and enable private enterprises to demonstrate their abilities in the broad prospects. We will continue to work closely with all parties to eliminate market access and fair competition barriers, solve the problem of overdue payments to private enterprises, and protect the legitimate rights and interests of private enterprises and entrepreneurs in accordance with the relevant provisions of the Private Economy Promotion Law. ”The relevant person in charge of the National Development and Reform Commission said that he would take multiple measures to encourage, support and guide private enterprises and private entrepreneurs to unswervingly take the road of high-quality development and make new and greater contributions to promoting Chinese path to modernization. (New Society)