Development prospects of China's private sector will become even broader as the Private Sector Promotion Law is further implemented, a spokesman said Wednesday.
It is the time for private enterprises and entrepreneurs to fully demonstrate their prowess, Lou Qinjian, spokesman for the fourth session of the 14th National People's Congress (NPC), told a press briefing ahead of the country's two sessions.
"Promoting the private economy is a consistent basic policy of the Communist Party of China and of the state. It should not and will not change," said Lou.
"The Private Economy Promotion Law is a foundational law for the development of China's private economy. Since the law came into effect last May, the relevant departments at the state level have been working on the institutional building and rolled out more than 150 supporting institutions. Provincial, regional and municipal governments have introduced local laws and regulations accordingly in light of the distinctive local characteristics and the major concerns of businesses. The NPC Standing Committee organized an overhaul of regulatory files involving the private sector and oversaw the revision or abrogation of more than 1,400 such regulations. These practices helped foster a good environment for the development of the private economy and ensured that the law delivers in the political, legal and social aspects," said Lou.
"We believe as the implementation of this law continues, the private sector will be more confident, assured and motivated and enjoy an even brighter prospect, and that the moment to demonstrate the sector's potential has arrived," he said.
The upcoming NPC session is part of China's "two sessions" for 2026, along with the fourth session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, which will open on Wednesday afternoon in Beijing.
The "two sessions," which gather national lawmakers and political advisors from across China every year to discuss state affairs, are a major event in the country's political calendar and an important window for the rest of the world to observe and understand China's policy direction.
Development prospects of Chinese private sector to become even broader: spokesman
