BEIJING, April 28 (Xinhua) -- China's top legislature started deliberating the draft private sector promotion law on Sunday, with an aim to promote the sustainable and sound development of the private economy.
The draft law was submitted to the ongoing session of the Standing Committee of the National People's Congress (NPC) following the initial and second readings in December 2024 and February 2025, respectively.
The formulation of the law is both very necessary and significant as it will elevate the major policies and measures adopted by the Central Committee of the Communist Party of China regarding the development of the private economy into legal norms, thereby consolidating the country's achievements on the development of private economy over the last more than 40 years since the reform and opening up.
This legislation will explicitly define the legal status of the private economy for the first time, with a clear stipulation that it will be a significant and long-term policy for China to promote the sustainable, healthy, and high-quality development of the private economy.
During the drafting and deliberation process of the draft, lawmakers solicited public opinions through 54 legislative outreach offices and gathered wide feedback from private enterprises in various sectors, representing a vivid practice of implementing whole-process people's democracy in legislative work, according to the members of the NPC Standing Committee.
Noting that the draft has fully incorporated suggestions and opinions from various sectors, they recommended that it be passed during this session of the NPC Standing Committee and called for related authorities to unveil concrete measures to ensure its adoption.
The Standing Committee of the 14th NPC started its four-day 15th session on Sunday in Beijing. Enditem
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