China's top legislature on Monday reviewed a draft law aimed at advancing the private sector, with high expectations for the law's imminent enactment.
This marks the second review of this draft law, with deputies to the 14th National People's Congress (NPC) engaging in group discussions and expressing their viewpoints.
"Since the initial review in December last year, the draft has been open for public comment, receiving widespread affirmation from various sectors. There is considerable anticipation that the Private Sector Promotion Law will be enacted," said Shen Chunyao, director of the Legislative Affairs Commission of the NPC Standing Committee.
Chinese President Xi Jinping attended a symposium on private enterprises in Beijing on Feb. 17 and delivered an important speech, in which he urged efforts to promote the sector's healthy and high-quality development.
Shen underscored the significance of President Xi's speech in providing guidance for advancing the private sector.
"We will comprehend and implement the important speech delivered by President Xi. We will also consider the opinions put forward from various sectors and further study and refine this bill, as there are still many valuable suggestions that can be incorporated," he said.
If approved, this legislation would mark China's first foundational law explicitly tailored to drive the growth of the private economy.
China's top legislature reviews draft law on private sector promotion
