The Private Economy Promotion Law has been introduced! Effective from May 20 this year

On April 30, the 15th meeting of the Standing Committee of the 14th National People's Congress voted to pass the Private Economic Promotion Law, which will come into force on May 20, 2025. The Private Economic Promotion Law consists of 9 chapters and 78 articles, including general provisions, fair competition, investment and financing promotion, scientific and technological innovation, standardized operation, service guarantee, protection of rights and interests, legal responsibilities and supplementary provisions. As the first basic law in our country dedicated to the development of the private economy, the Private Economic Promotion Law will further optimize the development environment of the private economy, ensure that all kinds of economic organizations participate in market competition fairly, promote the healthy development of the private economy and the healthy growth of private economic personnel, build a high-level socialist market economic system, and give play to the important role of the private economy in national economic and social development.