The 15th Meeting of the Standing Committee of the 14th National People's Congress voted on April 30 to adopt the Law of the People's Republic of China on the Promotion of Private Economy, which will come into force on May 20, 2025. As the first fundamental law in China specifically related to the development of the private economy, how was the Private Economy Promotion Law drafted and formulated? What important provisions does this law make? At a press conference held by the State Council Information Office on the 8th, officials from relevant departments introduced the impact of the implementation of the law on the development of the private economy. Providing solid legal guarantees for the sustained, healthy, and high-quality development of the private economy. Over the past 40 years of reform and opening up, China's private economy has grown from small to large and from weak to strong, making significant progress but also facing difficulties and challenges. Regarding the formulation and promulgation of the Law on the Promotion of the Private Economy, Vice Minister of Justice Wang Zhenjiang stated that the effective experience and practices of the Party Central Committee and the State Council on the promotion of the private economy will be established as a legal system to consolidate the achievements of reform, improve corresponding institutional measures, respond to concerns from all parties, boost development confidence, stimulate the endogenous power of private economy organizations, create a legal environment and social atmosphere conducive to the common development of various forms of ownership, including the private economy, and firmly manage our own affairs, continuously consolidating the stable and long-term positive trend of China's economy. Wang Zhenjiang introduced that for the first time, the Law on the Promotion of the Private Economy included the principle of "two unwavering principles" in the law, clarified the legal status of the private economy for the first time, and stipulated in the law that "promoting the sustained, healthy, and high-quality development of the private economy is a major policy that the country has long adhered to." Around fair competition, investment and financing promotion, technological innovation, and other aspects, the Law on the Promotion of the Private Economy has established and improved relevant institutional mechanisms, lowered the requirements of the Party Central Committee for equal treatment and protection of the private economy, and continuously optimized a stable, fair, transparent, and predictable environment for the development of the private economy. Formulating the Law on the Promotion of Private Economy, incorporating laws that support and safeguard the development of private economy into the legal system of socialism with Chinese characteristics, and linking them with many provisions of the Constitution. ”Wang Ruihe, deputy director of the Legal Working Committee of the Standing Committee of the National People's Congress, said, "The formulation of this law fully shows that the basic principles and policies of our party and the state on the development of private economy will not change, nor can they change, and will promote a more complete legal system to support the high-quality development of private economy, and a more powerful and effective security system." Adhering to open door legislation to respond to social concerns, the formulation of the law on the promotion of private economy is a process of gathering wisdom and consensus, and also a vivid practice of people's democracy throughout the process. Wang Zhenjiang introduced that the Ministry of Justice and the National Development and Reform Commission have led the establishment of a drafting work team composed of 17 relevant units of central and state organs. They have always adhered to the principle of open door legislation and brainstorming, held symposiums specifically to listen to the opinions and suggestions of representatives of private enterprises, and twice publicly released the draft to society for comments. In December 2024, February 2025 and April 2025, the Standing Committee of the National People's Congress arranged three consecutive meetings of the Standing Committee for deliberation. During this period, opinions were solicited multiple times through various forms from the standing committees of the people's congresses of various provinces (regions, cities), relevant central departments, grassroots legislative contact points, research institutions, etc. How does the law respond to social concerns such as market access and fair competition? Wang Ruihe introduced that the Law on the Promotion of Private Economy emphasizes the principles of equal treatment, fair competition, equal protection, and common development, promoting the development and growth of the private economy. It guarantees that private economic organizations enjoy equal legal status with other types of economic organizations and business entities in accordance with the law, and integrates the principle of equality into all aspects of the process of promoting the development of the private economy. Zheng Bei, deputy director of the National Development and Reform Commission, said, "We believe that the introduction of the law will encourage private enterprises and entrepreneurs to dare to venture and do boldly, and make new and greater contributions to promoting Chinese path to modernization." To further stabilize expectations, strengthen confidence, promote high-quality development of the private economy, and enhance the development certainty with the stability of the rule of law, so that the majority of private enterprises can eat "reassurance" and seek development with peace of mind. Zheng Bei introduced that in order to implement legal requirements, the National Development and Reform Commission will work with relevant departments to carry out a campaign to clean up and rectify market access barriers. After six months of concentrated rectification, it will become a regular promotion; Support private enterprises to actively participate in the "dual" construction and "two new" work, and vigorously support their investment layout in emerging and future industries; Continuously strengthen project services, release information on major projects that encourage private economic investment, and help private enterprises better understand "where to invest and how to invest". The Law on the Promotion of Private Economy fully reflects the importance and concern of the Party and the state towards the private economy. ”Fang Guanghua, vice chairman of the All China Federation of Industry and Commerce, said that the All China Federation of Industry and Commerce would guide private entrepreneurs to deeply understand the legislative purpose, actively pass on the principles and policies of the Party and the state to promote the development and growth of private economy, and rally people's hearts and consensus. At the same time, we will promote the establishment and improvement of a modern enterprise system with Chinese characteristics in private enterprises with conditions, improve management and operation levels, and guide more private enterprises to actively fulfill their social responsibilities while achieving high-quality development. How will various departments' efforts be made to promote the transformation of law into a driving force for the development of private economy? With the implementation of the Law on the Promotion of Private Economy approaching, how will various departments' efforts be made? The National Development and Reform Commission is focusing on supporting construction, and has issued a new version of the negative list for market access, etc. It is accelerating the promotion of supporting measures related to investment and financing promotion, scientific and technological innovation, and other aspects. ”Zheng Bei introduced that he will work with relevant departments to fully promote the implementation of laws, focusing on five aspects: removing obstacles, addressing arrears, protecting legitimate rights and interests in accordance with the law, implementing relief policies, and strengthening communication between government and enterprises, striving to create a good legal environment that promotes the healthy development of the private economy. For private enterprises in key areas and critical links, we focus on 'one industry, one strategy' and provide targeted and professional financial services based on the characteristics of the industry. ”Conglin, Deputy Director of the State Administration of Financial Regulation, stated that the State Administration of Financial Regulation focuses on improving the technology finance service model from the perspectives of promoting investment and financing integration, innovating credit enhancement methods, and supporting the transformation of scientific and technological achievements; In the mechanism for supporting the coordination of financing for small and micro enterprises, the foreign trade sector should be listed separately, and priority should be given to visiting and coordinating financing; Cooperate with the National Development and Reform Commission to establish a specialized working mechanism to encourage private investment. Next, the Ministry of Justice will implement the relevant requirements of the Private Economy Promotion Law in accordance with the decisions and arrangements of the Party Central Committee and the State Council, and continue to standardize administrative law enforcement behavior. ”Wang Zhenjiang stated that he will accelerate the construction of legal supporting systems and mechanisms, and promote the establishment of a sound mechanism for handling complaints and reports of administrative law enforcement violations; Take the lead in carrying out a special action to standardize administrative law enforcement related to enterprises, strengthen problem investigation, correction and rectification, and resolutely rectify and rectify in place. (New Society)