China's national lawmakers on Wednesday voted to adopt the country's first fundamental law dedicated to promoting the private sector, underscoring support for a key part of the world's second-largest economy.
After over a year of legislative process, the private sector promotion law, passed at a session of the Standing Committee of the National People's Congress, will take effect on May 20, 2025.
Comprising 78 articles in nine chapters, the law covers such areas as fair competition, investment and financing promotion, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.
The law will further optimize the development environment for the private economy, ensure fair market competition for all types of economic entities, and foster the sound development of both the private sector and its practitioners.
Private enterprises have long been a key driving force behind China's economic ascendance, contributing more than 60 percent of GDP and 80 percent of urban employment. By the end of March 2025, the country's more-than-57-million registered private enterprises made up over 92 percent of all businesses in China.
China adopts first law dedicated to promoting private sector
China adopts first law dedicated to promoting private sector
The death toll from a landfill collapse in the central Philippine city of Cebu has risen to eight by Monday morning as search and rescue operations continued for another 28 missing people.
The landfill collapse occurred on Thursday as dozens of sanitation workers were working at the site. The disaster has already caused injuries of 18 people.
Family members of the missing people said the rescue progress is slow, and the hope for the survival of their loved ones is fading.
"For me, maybe I’ve accepted the worst result already because the garbage is poisonous and yesterday, it was raining very hard the whole day. Maybe they’ve been poisoned. For us, alive or dead, I hope we can get their bodies out of the garbage rubble," said Maria Kareen Rubin, a family member of a victim.
Families have set up camps on high ground near the landfill, awaiting news of their relatives. Some people at the site said cries for help could still be heard hours after the landfill collapsed, but these voices gradually faded away.
Bienvenido Ranido, who lost his wife in the disaster, said he can't believe all that happened.
"After they gave my wife oxygen, my kids and I were expecting that she would be saved that night because she was still alive. But the night came and till the next morning, they didn't manage to save her," he said.
Death toll in central Philippine landfill collapse rises to eight
