BEIJING, Dec. 25,
2024 /PRNewswire/ -- The National People's Congress
(NPC), China's top legislative
body, on Wednesday started to seek for public comments on seven
draft laws, including a draft law on private sector promotion. The
draft law was deliberated during the Standing Committee of the 14th
NPC 13th session held from Saturday to Wednesday.
The draft law on private sector promotion and six other draft laws,
including a draft revision to the Anti-Unfair Competition Law, are
open for public comments from Wednesday to January 23, 2025.
This marks a crucial step in the formulation of the private sector
promotion law, which, according to the Xinhua News Agency is
China's first basic law
specifically focused on the development of the private sector.
Publishing the draft law for public comment will further boost
confidence among entrepreneurs, a Chinese political advisor and
entrepreneur said on Wednesday.
During the deliberations on the draft law, all attending personnel
believe that it establishes the principles, policies and effective
practices in promoting the development of the private economy since
the start of reform and opening-up, especially in the new era, as a
legal system, and it is of great significance for consolidating the
achievements of reform, responding to the concerns of all parties
and boosting confidence in development, Xinhua reported.
As the draft law is open to the public for comment, private
entrepreneurs feel encouraged and excited, according to Qi
Xiangdong, a member of the 14th National Committee of the Chinese
People's Political Consultative Conference and chairman of Qi An
Xin Technology Group.
"It is inspiring confidence among private entrepreneurs to focus on
development and strive for new achievements. This is an important
milestone in promoting development in the private economy," Qi told
the Global Times on Wednesday, adding that the content of the draft
law responds to the expectations of private
entrepreneurs.
As the first basic law in China
specifically about the development of the private economy, the
draft of the private economy promotion law for the first time
enshrines the adherence to "two unwaverings" in law; for the first
time, it enshrines the promotion of "two healths" in law; and for
the first time, it clearly stipulates in law that promoting the
sustained, healthy, and high-quality development of the private
economy is a major policy direction that the state will adhere to
over the long term.
Xu Hongcai, deputy director of the Economic Policy Committee of the
Chinese Policy Science Research Association, said that adhering to
this principle will help better leverage the critical role of the
private sector in the national economy, including expanding
employment and innovation.
"The unwavering support for the development of the private sector
is of great significance in promoting high-quality economic
development," Xu told the Global Times on Wednesday.
According to a report released by the All-China Federation and
Commerce (ACFIC) on Tuesday, private businesses continue to play a
stabilizing role in employment. In 2023, the number of private
businesses exceeded 53 million, accounting for 92.3 percent of the
total number of businesses in China, and providing more than 90 percent of
newly added urban jobs, the report showed.
Private firms have continued to strengthen their role as a main
innovator. In 2023, the top 1,000 private firms spent a total of
1.39 trillion yuan ($190.48 billion) on research and development, up
12.7 percent year-on-year, according to the ACFIC's report on
private businesses' social
responsibilities.
Another highlight of the draft law is that for the first time, it
is written into law that promoting the sustained, healthy and
high-quality development of the private economy is an important
policy that the country will adhere to in the long run, according
to Xinhua.
"From the macroeconomic perspective, the private sector accounts
for a large proportion of China's
economy, especially in terms of employment… Therefore, its
development is very important for the Chinese economy,"
Su Jian, a professor at the School
of Economics at Peking University and director of the National
Center for Economic Research at Peking University, told the Global
Times on Wednesday.
Su said that many top documents have stressed the importance of
further creating a favorable business environment for the private
sector. "Creating a favorable business environment, clearly
defining the legal rights and liabilities of the private sector and
standardizing regulations are conducive toward ensuring all
economic activities will be conducted in a transparent, fair and
predictable environment. This will offer a huge boost to
China's economy."
The Central Economic Work Conference held from December 11 to 12, during which Chinese leaders
set priorities for economic work in 2025, said that a private
sector promotion law should be rolled out. The meeting also
stressed that efforts must be made to resolutely combat corruption
and maintain a fair and just market environment and a clean
business environment, according to Xinhua.
Meanwhile, at the session of the NPC Standing Committee that
concluded on Wednesday, lawmakers considered a draft revision to
the Anti-Unfair Competition Law, which is also open for public
comment. The draft revision focuses on clarifying the general
requirements for anti-unfair competition, refining regulations to
address unfair practices, and strengthening enforcement and penalty
measures, according to Xinhua.
Some government departments have already taken concrete actions to
support the private sector. For example, on Friday, the National
Development and Reform Commission, the top economic planner,
launched a comprehensive online services platform aimed at
bolstering the private economy.
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SOURCE Global Times