Core Viewpoint - The implementation of the Private Economy Promotion Law marks a significant milestone in supporting the development of private enterprises in China, particularly in the realm of technological innovation [1][2]. Group 1: Legal Framework and Support - The Private Economy Promotion Law is the first foundational law specifically addressing the development of the private economy in China, providing institutional guarantees for private enterprises' participation in technological innovation [1]. - The law includes a dedicated chapter on "Technological Innovation," outlining principles and specific measures to encourage and support private enterprises in this area [1][2]. - The law aims to eliminate invisible barriers that have historically restricted private enterprises from engaging in technological innovation, such as limitations on participation in major national projects and high costs of intellectual property rights protection [1][2]. Group 2: Impact on Private Enterprises - Private enterprises are recognized as a crucial force in China's technological innovation, with over 92% of national high-tech enterprises and 95% of specialized and innovative small and medium-sized enterprises being privately owned [1]. - The law addresses the urgent needs of private enterprises by promoting fair competition, supporting their involvement in national technology projects, and encouraging collaboration between various entities for innovation [2]. - The law's provisions for intellectual property rights protection and diverse legal support services are designed to enhance the innovation capabilities of private enterprises, particularly those focused on technology [2]. Group 3: Implementation and Future Outlook - The effectiveness of the law will depend on its implementation, requiring all parties to clarify responsibilities and improve measures to ensure compliance [3]. - With the legal framework in place, private enterprises are encouraged to actively engage in technological innovation, contributing to China's goal of achieving high-level technological self-reliance [3].