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
India, home to one of the world's youngest populations, is witnessing a growing number of students heading to China in search of quality education and stronger career prospects.
Fields such as artificial intelligence, robotics and engineering are seeing a notable rise in enrollments.
Naresh Patra, a researcher in astrophysics at the Chinese University of Hong Kong, chose to study in China for what he describes as the excellent value for the potential boost to his career.
"First thing, the education system is very good and expenses are too low. And second point [is that] you will get good exposure about machine learning and AI, and third point you will get jobs immediately after passing from these universities," said Naresh Patra, a student from India.
There has been a noticeable surge in inquiries from Indian students for courses in engineering and artificial intelligence. To attract more international applicants, Chinese universities have ramped up investment in world-class infrastructure, including advanced laboratories, while expanding scholarship offerings across a wide range of disciplines.
Akshay Bhambri is among those who secured such a scholarship, supporting his research in traditional medicine. He describes his academic experience in China as highly professional and well-structured.
"In different departments, there are enough resources to do that, and even in libraries, whatever you need is provided immediately to you. So this kind of environment for a researcher, for a student, be it undergrad or PhD student, is very helpful when they want to do some kind of research or some kind of understanding to get what they want immediately, so that they can excel in their work," said the researcher.
Cross-border studies are also foundational to forming academic partnerships between China and India, but experts say that even greater outreach and engagement are needed.
"It will be more possible if there is a higher level, not just the people-to-people level, but (if) we see the authorities from both sides interact, and university-to-university interactions, in that case, there would be a lot of confidence building," said Nishith Shah, principal of India China Academy.
More Indian students choose Chinese universities for quality education
