一月内至少六省发布支持政策，民营经济促进法加速落地

Core Points - The National People's Congress has passed the "Private Economy Promotion Law," which will take effect on May 20, 2025, marking a significant step in supporting the private sector in China [2][4] - The private economy contributes over 50% of tax revenue, 60% of GDP, 70% of technological innovations, 80% of urban employment, and 90% of the total number of enterprises in China [2] - Various provinces have introduced policies to promote the high-quality development of the private economy, including financial support and reducing regulatory burdens [4][5][6] Policy Implementation - The National Development and Reform Commission plans to accelerate the establishment of supporting mechanisms related to investment, technology innovation, and rights protection to implement the new law effectively [3] - Recent policies from provinces like Beijing, Shaanxi, Jiangxi, and others focus on reducing financing costs for private enterprises and improving the business environment [4][5][6] - Specific measures include financial services for small and medium-sized enterprises, reducing administrative inspections, and protecting entrepreneurs' legal rights [5][6] Challenges and Market Conditions - Despite the supportive policies, the private sector still faces challenges such as tight funding and excessive regulatory enforcement, which have led to some enterprises exiting the market [8] - The bond issuance by private enterprises remains low, with only 1,022 billion yuan issued in the first four months of 2025, accounting for just 2% of the total credit bond issuance [9] - Ongoing efforts are needed to address the financing difficulties faced by private enterprises and to innovate financing tools [9]