On April 30, 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, which will come into force on May 20, 2025. The Private Economy Promotion Law consists of 9 chapters and 78 articles, including General Provisions, Fair Competition, Investment and Financing Promotion, Technological Innovation, Standardized Operation, Service Guarantee, Rights and Interests Protection, Legal Responsibilities, and Supplementary Provisions. As the first fundamental law in China specifically related to the development of the private economy, the Private Economy Promotion Law will further optimize the environment for the development of the private economy, ensure fair participation of various economic organizations in market competition, promote the healthy development of the private economy and the healthy growth of private entrepreneurs, build a high-level socialist market economy system, and give full play to the important role of the private economy in national economic and social development. (New Society)