China to intensify efforts to build unified national market, promote private economy

China will promulgate a set of guidelines for the construction of a unified national market as soon as possible, and enact a law on private economy promotion in 2025, said a senior official with China's top economic planner -- the National Development and Reform Commission (NDRC) -- on Friday.

Speaking at a press conference in Beijing, Xiao Weiming, deputy director-general of the NDRC, said that the promulgation of the guidelines is part of the efforts to promote in-depth and practical construction of a unified national market.

He said the NDRC will speed up the release of a new version of the market access negative list and the formulation of a set of measures for implementing the regulations for fair competition review.

According to Xiao, comprehensive reform trials for the market-based allocation of production factors will be advanced, and the construction of a unified national electric power market will be stepped up. Efforts will also be made to build an open and unified transportation market and accelerate the removal of major bottlenecks in building roads and inter-provincial waterways.

The NDRC will work to enable employees across wider regions to draw money from their housing provident fund accounts for interregional spending, and promote trans-regional activation and use of social security cards. It will also work to promote mutual recognition of test results among medical institutions across wider areas, according to Xiao

Xiao said the NDRC will work to step up development of the private economy and promote efforts in enacting the law on the private economy promotion.

Meanwhile, the commission will cooperate with other competent authorities in carrying out exclusive operations to regulate law enforcement on enterprises, in effectively maintaining the legitimate rights and interests of private enterprises and entrepreneurs, according to Xiao.

"We will work to promote fair opening of competitive infrastructure sectors to business entities, especially private enterprises. We will provide private enterprises with greater access to major national scientific research infrastructure. Efforts will also be made to improve the system of policies for supporting financing of private enterprises, and promote efforts to settle overdue payments," he said.

China to intensify efforts to build unified national market, promote private economy

The Republic of Korea (ROK)'s former impeached President Yoon Suk-yeol on Friday was sentenced to five years in prison on arrest obstruction charges.

The criminal division of the Seoul Central District Court in charge of Yoon's obstruction of justice case handed down the prison sentence to Yoon for abusing the presidential security service to hinder the anti-corruption agency from executing its arrest warrant in January 2025.

The Corruption Investigation Office for High-ranking Officials (CIO) was once thwarted in its attempt to arrest Yoon as the presidential security service formed human shields and bus blockades to prevent investigators from entering the presidential residence.

The team of Cho Eun-suk, an independent counsel who led investigations into Yoon's insurrection and other charges, demanded a 10-year prison term for Yoon.

The court said Yoon privatized the presidential security service for personal safety and private interests by blocking the law enforcement agencies' lawful execution of an arrest warrant and attempting to destroy evidence, pointing out that despite the very bad nature of his crime, he consistently offered unconvincing excuses and showed no remorse.

The court stressed that severe punishment was necessary, considering the need to restore the rule of law damaged by Yoon's crime, but it noted that the fact that he was a first-time offender with no criminal record was considered a favorable factor.

The sentencing, which was broadcast live, was Yoon's first verdict coming from his botched martial law bid.

The first-instance sentencing for Yoon's insurrection charges was scheduled for Feb 19. The special counsel sought a death penalty for Yoon on the charges.

Yoon declared emergency martial law on the night of Dec 3 in 2024, but it was revoked hours later by the National Assembly.

The constitutional court upheld a motion to impeach Yoon in April 2025, officially removing him from office.

The ousted leader was indicted while in detention in January 2025 on charges of leading an insurrection, becoming the first sitting ROK president facing such prosecution.

ROK ex-president Yoon sentenced to 5 years in prison on arrest obstruction charges

ROK ex-president Yoon sentenced to 5 years in prison on arrest obstruction charges