Core Points - The "Private Economy Promotion Law" was officially implemented on May 20, 2023, marking China's first foundational law specifically aimed at the development of the private economy [4] - This law provides strong legal guarantees for the sustainable and high-quality development of the private economy, enhancing the confidence and internal motivation of private entities [4][10] - The law signifies a new milestone in the development of China's private economy, reflecting the government's unwavering support for this sector [5] Summary by Sections Importance of the Law - The law establishes a stable legal environment for the development of the private economy, elevating various supportive policies to legal norms [4] - It aims to eliminate institutional barriers that restrict the growth of the private economy, emphasizing the legal status of private enterprises and the importance of promoting their sustainable and healthy development [5] Core Content of the Law - The law consists of 9 chapters and 78 articles, focusing on principles such as "equality," "fairness," and "equal treatment," which are reiterated multiple times throughout the text [6] - It includes provisions for fair competition, investment and financing promotion, technological innovation, operational regulation, service guarantees, rights protection, and legal responsibilities [6][7][8][9] Impact of the Law - Following the law's introduction, there has been a steady increase in the number of private market entities, which play a crucial role in stabilizing the Chinese economy [10] - Sales revenue from the private economy has shown a year-on-year increase, outpacing the national average growth rate [11] - Private fixed asset investment has rebounded, reversing the decline seen in the same period last year, indicating improved market expectations and confidence [12] - The contribution of private enterprises to foreign trade has strengthened, with their import and export totals increasing and solidifying their role as a key player in international trade [13] - The law is expected to continuously optimize the institutional environment for private economic development, further enhancing the confidence of private enterprises and paving the way for high-quality growth [13]

Core Viewpoint - The implementation of the "Private Economy Promotion Law" is a significant milestone for the development of the private economy in Zhejiang, providing a solid legal guarantee for private enterprises and creating a stable, fair, and transparent development environment [3][5]. Group 1: Importance of Private Economy in Zhejiang - The private economy in Zhejiang is a crucial part of the province's identity, with a total value reaching 6.1 trillion yuan in 2024, accounting for 67.4% of the provincial GDP [3]. - The private sector contributes over 70% of the province's tax revenue, over 80% of imports and exports, over 80% of employment, and 90% of the number of enterprises [3]. Group 2: Key Initiatives and Recommendations - The event aimed to interpret the core significance of the "Private Economy Promotion Law" and explore how enterprises can achieve high-quality development under legal protection [5]. - Three key initiatives were proposed for enterprises: to deeply learn the law for compliant operations, to adapt to changes by focusing on new sectors like digital and green economies, and to promote the spirit of innovation while taking social responsibility [5]. Group 3: Legal Awareness and Support Measures - Suggestions for private enterprises included enhancing legal awareness, carefully reviewing contracts and investment projects, wisely choosing legal counsel, and emphasizing the collection of effective evidence [7]. - The "Private Economy Promotion Law" includes significant innovations in legal status definition, fair competition guarantees, financing support, and encouragement of technological innovation, reflecting the government's strong support for the private economy [8].