China's ACFIC pledges more support for implementation of private sector promotion law

The All-China Federation of Industry and Commerce (ACFIC) pledges more support for the implementation of the country's newly-adopted private sector promotion law, said Fang Guanghua, vice chairman of the ACFIC, on Thursday.

China's national lawmakers on April 30 voted to adopt the country's first fundamental law dedicated to promoting the private sector, which is set to take effect on May 20.

Speaking at a press conference in Beijing, Fang said that the federation will intensify efforts to promote the law's implementation.

"We will cooperate with functional departments to speed up the introduction of supporting policies, and to promote the implementation of legal provisions. We will also promote the building of a cordial and clean relationship between government and business, establish and improve a government-enterprise communication mechanism, and improve service levels, so as to continuously empower private enterprises' production and operation activities, guide private enterprises to foster new quality productive forces, help them improve quality, efficiency and market competitiveness, and continuously expand the space for the high-quality development of private enterprises," he said.

"We will also guide private companies to operate in accordance with law. The private economy promotion law also promotes the modern governance of private enterprises. We will continue to work with relevant departments to implement the plan which is designed to enhance the legal literacy of private entrepreneurs, deepen the construction of legal and clean private enterprises. We must also promote qualified private enterprises to establish and improve the modern enterprise system with Chinese characteristics and help improve their management and operation levels," Fang continued.

Private enterprises have long been a key driving force behind China's economic rise, 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's ACFIC pledges more support for implementation of private sector promotion law

Iranian Foreign Minister Seyyed Abbas Araghchi has described his visit to China as highly significant and productive, with the two sides holding in-depth talks on bilateral relations and all the pressing issues Iran currently faces.

Araghchi, who visited China on Wednesday and held talks with Chinese Foreign Minister Wang Yi, said in an interview with Iranian state-run IRIB news agency that post-war Iran is entering a new phase of international cooperation.

"Our Chinese friends also believe that Iran after the war is different from Iran before the war, that it has proven its capabilities and strength. Therefore, a new phase of cooperation between Iran and other countries lies ahead," he said.

The foreign minister said the two sides reviewed a full range of current issues and yielded fruitful results.

"We reviewed all the current issues, matters related to the war and how to end it, the negotiations currently under way, issues related to Iran's nuclear program and the peaceful nature of Iran's nuclear activities, matters related to sanctions, and all bilateral issues. The issue of the Strait of Hormuz, which was one of our serious topics, and the necessity of respecting the rights of the Islamic Republic of Iran, along with all existing viewpoints, were also discussed," he said.

Iranian foreign minister hails fruitful China visit, says all pressing issues discussed

Iranian foreign minister hails fruitful China visit, says all pressing issues discussed