New supportive law aims to empower private firms to take lead in technical innovation

China's first law on promoting the private economy, which was passed on Wednesday, aims to empower private firms to take a leading role in advancing the nation's scientific and technological innovations, according to lawmakers.

The Private Economy Promotion Law, which will take effect on May 20, 2025, clarifies the status of private sector as a major component and promoter of the Chinese economy, and highlights its contribution to scientific and technological development.

"(The law) makes it clear to support capable private enterprises to take the lead in undertaking major national research and development projects, and provide them with access to major national scientific research infrastructure. It also has provisions regarding providing services for their technological innovation, leveraging data empowerment, enhancing technological applications and cooperation, encouraging talent cultivation, and enhancing intellectual property protection," said Yang Heqing, head of the Economic Law Office of the Legislative Affairs Commission under National People's Congress Standing Committee.

In specific, the law stipulates that the government should ensure that public research and development platforms and common technology platforms remain open and accessible to all, and provide equal services to support scientific and technological innovations in private enterprises. The law also encourages all kinds of enterprises, higher education and research institutions, and vocational schools to work together in establishing innovative cooperation mechanisms to facilitate technological exchanges, the transfer and application of technological achievements, and promote the in-depth integration and cooperation among enterprises, universities and research institutions.

Furthermore, the law calls for strengthening the protection of the intellectual property rights of innovative achievements, implementing punitive compensation for intellectual property infringements, and punish violations of trademark, patent, copyright, and trade secrets, as well as counterfeiting and other illegal acts in accordance with the law.

New supportive law aims to empower private firms to take lead in technical innovation

China's movie industry is increasingly deriving its earnings from broader consumer economy.

Released during the 2025 summer season, the film "Nobody" became China's highest-grossing two-dimensional animated film -- and its success went beyond theaters.

Through licensing and brand partnerships, the movie has generated 2.5 billion yuan (about 358.3 million U.S. dollars) in retail sales to consumers, with more than 800 licensed products on the market.

Ranging from plush toys to food and home goods, the movie-related merchandise can be purchased from over 3,000 online and offline outlets.

Meanwhile, souvenir stores are crowded at Shanghai Disneyland's Zootopia themed land, with hats, plush toys, and collectibles seeing steady demand from visitors.

"China's film industry is no longer defined by box office revenue alone. It has become a new growth engine that links and energizes multiple cultural sectors. At the heart of every successful film is strong storytelling. High-quality productions create cultural value, which in turn enhances the commercial value of intellectual property and opens up new consumption opportunities. I believe China's film industry delivered an outstanding performance in the past year," said Chen Xiaoda, vice dean of Shanghai Vancouver Film School.

Film IP fuels expansion of consumer market