Core Points - The "Private Economy Promotion Law" was passed on April 30 and will take effect on May 20, marking a significant milestone in the development of the private economy in China [1] - The law reflects the high importance placed by the Party and the state on the private economy, providing strong legal support for the stable development and protection of the legitimate rights of private enterprises [1][2] - Since the 18th National Congress, the private economy has become a vital force in promoting growth, innovation, employment, and improving people's livelihoods, contributing significantly to China's modernization and high-quality development [2] Summary by Sections Legal Framework - The "Private Economy Promotion Law" consists of 9 chapters and 78 articles, establishing mechanisms for fair competition, investment promotion, technological innovation, and rights protection [3] - It emphasizes equal treatment and protection of the private economy, marking the first time the legal status of the private economy is explicitly defined [3] Implementation and Support - Local governments and departments are urged to effectively implement the law, ensuring comprehensive understanding and adherence to its requirements [4] - Specific measures include breaking down market entry barriers, supporting private enterprises in bidding processes, and enhancing financial support for small and micro enterprises [4] Societal Impact - The law is expected to foster a stronger social consensus, enhancing the role of the private economy in technological innovation and the modern industrial system [5] - It aims to empower private enterprises to seize opportunities and contribute to the realization of the Chinese Dream [5]

Core Points - The "Private Economy Promotion Law" was passed by the National People's Congress and will take effect on May 20, 2025, establishing legal support for the development of the private economy in China [2][3] - The law emphasizes the importance of the private economy as a vital component of the socialist market economy and a key driver for high-quality development and modernization in China [3] Summary by Sections - **Legislation Overview** - The "Private Economy Promotion Law" incorporates the Party and State's policies and effective practices regarding the development of the private economy into the legal framework of socialism with Chinese characteristics [2] - The law explicitly states the commitment to both public and private ownership, ensuring the coexistence of various economic forms [2] - **Economic Positioning** - The private economy is recognized as an essential part of the socialist market economy and a significant force in achieving national modernization and the rejuvenation of the Chinese nation [3] - The law aims to promote sustainable, healthy, and high-quality development of the private economy as a long-term national policy [3]