Core Points - The National People's Congress Standing Committee passed the "Private Economy Promotion Law" on April 30, 2023, which will take effect on May 20, 2025 [1] - The law aims to provide a robust legal framework to support the sustainable, healthy, and high-quality development of the private economy in China [3] Group 1: Legal Framework and Implementation - The Ministry of Justice will focus on establishing a long-term mechanism for administrative law enforcement supervision, ensuring compliance with the new law [2][3] - A special action will be launched to regulate administrative law enforcement related to enterprises, with an emphasis on addressing common issues and enhancing the legal protection of private economic entities [2][3] Group 2: Financial Support and Innovation - The Financial Regulatory Bureau is enhancing financial services for technology and innovation sectors, including the establishment of 74 private equity investment funds to support tech enterprises [4] - By the end of Q1 2023, the loan balance for high-tech enterprises reached 17.7 trillion yuan, reflecting a 20% year-on-year increase [4] Group 3: Encouragement of Private Sector Participation - The law encourages private enterprises to participate in national major projects, particularly in strategic emerging industries, with a focus on investment and innovation [5][6] - Significant projects in nuclear power and railway sectors have already seen private capital participation, with some projects having up to 20% private investment [6] Group 4: Communication and Support Mechanisms - The All-China Federation of Industry and Commerce will facilitate the implementation of the law and improve communication between government and private enterprises [7] - The federation aims to enhance service levels for private enterprises, promoting a healthy and competitive business environment [7]

Core Points - The National People's Congress has passed the "Private Economy Promotion Law," effective from May 20, 2025, aimed at providing legal support for the high-quality development of the private economy [1] Group 1: Support for Private Enterprises - The law encourages private enterprises to participate in major national projects and strategic emerging industries, enhancing their role in technological innovation and modern industrial systems [2][3] - The National Development and Reform Commission (NDRC) is establishing a long-term mechanism for private enterprises to engage in significant project construction, with private capital already accounting for 20% in some nuclear power projects [2] - A total investment of approximately 3 trillion yuan is planned for key areas such as transportation, energy, and urban infrastructure this year [2] Group 2: Financial Support and Innovation - The Financial Regulatory Administration is improving financial service models for technology and innovation, with 74 private equity funds established to support tech enterprises [4] - By the end of Q1 this year, loans to high-tech enterprises reached 17.7 trillion yuan, reflecting a 20% year-on-year increase [4] - Measures have been introduced to support small and micro private enterprises in foreign trade, with export credit insurance exceeding 240 billion USD in Q1 [5]

Core Points - The implementation of the "Private Economy Promotion Law" on May 20 marks a significant milestone in the development of the private economy in China, establishing a legal framework to support and protect private enterprises [7][8] - The law includes 9 chapters and 78 articles focusing on fair competition, investment financing promotion, technological innovation, operational regulation, service guarantees, and rights protection [7][8] Group 1: Supporting Mechanisms - A series of supporting institutional mechanisms are being accelerated, covering investment financing promotion, technological innovation, service guarantees, and rights protection [2][11] - The National Development and Reform Commission (NDRC) is enhancing mechanisms for private enterprises to participate in major national projects [3][12] - The government plans to launch high-quality projects in key areas such as transportation, energy, water conservancy, and new infrastructure, with a total investment scale of approximately 3 trillion yuan [4][12] Group 2: Administrative Oversight - The Ministry of Justice is working to establish a complaint and reporting mechanism for illegal administrative enforcement actions, aiming to address issues like arbitrary fees and inspections [5][9] - The Ministry will also enhance the supervision of administrative enforcement behaviors and ensure that violations are addressed effectively [6][10] Group 3: Financial Support for Private Enterprises - Over the past five years, the average growth rate of loans to private enterprises has exceeded that of other loans by 1.1 percentage points, with a loan balance of 76.07 trillion yuan as of Q1 2025 [14] - The financial regulatory authority is focusing on tailored financial services for key sectors and is promoting the integration of investment and financing [15][19] - Initiatives include the establishment of private equity investment funds and support for technology enterprises through specialized loan programs [18][19]

Core Viewpoint - The National Financial Supervision Administration is implementing targeted measures to support private enterprises at various stages of development, focusing on optimizing credit supply policies and enhancing the implementation of the Private Economy Promotion Law [1] Group 1: Credit Supply Policies - The administration has developed a series of differentiated regulatory policies specifically for small and micro enterprises, which constitute the majority of private enterprises [1] - In terms of capital regulation, the risk capital weight for loans to small and micro enterprises has been discounted to 85% to 75% [1] - The tolerance for non-performing loans for inclusive small and micro enterprise loans has been relaxed to not exceed 3 percentage points above the overall loan non-performing rate, aimed at increasing banks' willingness to lend [1]

Core Viewpoint - The press conference held by the State Council Information Office emphasized the implementation of the Private Economy Promotion Law, focusing on enhancing administrative law enforcement mechanisms to protect the rights and interests of private enterprises [1] Group 1: Administrative Law Enforcement Mechanisms - The Ministry of Justice will strictly implement legal requirements to establish a complaint and reporting mechanism for illegal administrative law enforcement [1] - Local governments are urged to set up systems for timely handling and legal processing of complaints related to administrative law enforcement affecting enterprises [1] - An administrative law enforcement supervision contact point will be established to gather feedback from various business entities, including private enterprises, regarding improper law enforcement actions [1] Group 2: Supervision and Collaboration - The introduction of an administrative law enforcement supervisor system will involve various stakeholders, including representatives from the National People's Congress, political advisors, and legal experts [1] - A cooperation mechanism for information sharing between administrative law enforcement supervision and public service hotlines will be established to improve law enforcement practices [1] - Authorities are encouraged to develop cross-regional law enforcement assistance systems to curb profit-driven law enforcement practices and protect the legitimate rights of private economic organizations and their operators [1]

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Group 1: Legislative Developments - The National People's Congress (NPC) Standing Committee has scheduled 14 legal proposals for continued review and 23 for initial review in 2025, including the Private Economy Promotion Law and Financial Law [1] - The Private Economy Promotion Law is expected to advance with a third draft review scheduled from April 27 to 30, aiming to enhance the legal environment for the healthy and high-quality development of the private economy [1] - The NPC Standing Committee emphasizes the necessity and significance of establishing the Private Economy Promotion Law to ensure legal stability and long-term benefits [1] Group 2: Financial Legislation - The Financial Law and Financial Stability Law are under close scrutiny, with the People's Bank of China (PBOC) pushing for the expedited introduction of the Financial Stability Law [2] - Current financial laws in China, such as the Securities Law and PBOC Law, exhibit a fragmented and localized structure, lacking a comprehensive foundational law to unify regulation across sectors [2] - Suggestions have been made to draw from international experiences to create a Financial Law that enhances China's influence in international financial regulations and strengthens legal safeguards for financial supervision [2] Group 3: PBOC Law Revision - The PBOC Law, established in 1995, has only undergone one major revision in 2003, and there are calls for its urgent amendment to address deficiencies in monetary policy and financial stability [3] - Current issues identified in the PBOC Law include inadequate statutory responsibilities and insufficient legal mechanisms for effective governance [3] - Recommendations have been made to accelerate the legislative process for revising the PBOC Law to solidify the outcomes of institutional reforms [3]