Promulgation of private sector promotion law timely, significant: official

BEIJING -- The promulgation of China's private sector promotion law is timely and of great significance, said Yang Heqing, head of the economic law department of the Legislative Affairs Commission of the National People's Congress (NPC) Standing Committee.

Chinese lawmakers voted to adopt the private sector promotion law after a draft version was submitted for the third review at the 15th session of the Standing Committee of the 14th NPC that concluded on Wednesday.

For the first time "unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the non-public sector" and "facilitating the healthy development of the non-public sector and those working in it" are written into law, Yang said during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.

In an unprecedented move, this law stipulates that promoting the sustained, healthy and high-quality development of the private economy is a major and long-term policy of China, Yang noted.

Since the reform and opening up in 1978, China's private economy has grown from small to large and from weak to strong, constantly developing and expanding.

However, as the problems of unbalanced and inadequate development in the country remain prominent, and changes unseen in a century accelerate across the globe, the private economy is facing new opportunities as well as many difficulties and challenges in its development, Yang noted.

The formulation of the law is of great and far-reaching significance for stabilizing expectations and boosting confidence throughout society, stimulating the development momentum of the private economy, and promoting high-quality development.

Yang also stressed the need to promote the formulation and revision of supporting regulations and systems in a coordinated manner, as well as the implementation of various support and guarantee measures in detail, to ensure the correct and effective application of this law.