Core Points - The "Law on Promoting the Development of the Private Economy" officially took effect on May 20, 2025, marking a significant milestone in China's legal framework for private economic development [1][3][4] - This law embodies the principles and policies established by the central government since the 18th National Congress of the Communist Party, aiming to enhance the legal status and support for the private economy [3][4][5] Summary by Sections Historical Context - Over the past 40 years, the private economy in China has grown significantly, contributing to stable growth, innovation, employment, and improved living standards, thus becoming a vital force in economic and social development [3] - The number of private enterprises in the Fortune 500 has reached over 300, and there are now 34 private enterprises in the Global 500, indicating the increasing prominence of private companies in the global market [3] Legislative Significance - The law consolidates effective practices and experiences from the private economy's development, aiming to address shortcomings and enhance the legal framework supporting private enterprises [4][5] - It reflects the central government's commitment to the principle of "two unwavering commitments" and emphasizes the importance of legal support for private enterprises to thrive [4][5] Key Provisions - The law establishes the legal status of the private economy and enshrines the promotion of its sustainable, healthy, and high-quality development as a major national policy [5] - It emphasizes equal treatment, fair competition, and protection of rights for private enterprises, institutionalizing support for their access to capital, technology, and other resources [5][6] Economic Governance - The law integrates the promotion of the private economy into national economic and social development planning, establishing a coordinated mechanism for its development [6] - It mandates that relevant government departments and local authorities implement policies to support the private economy, embedding these efforts into the broader macroeconomic governance framework [6]

Core Points - The "Private Economy Promotion Law" will officially take effect on May 20, marking the first specialized law for the private economy in China, which clarifies the legal status of the private economy, optimizes the business environment, and strengthens rights protection [3][4] - The law aims to provide a solid legal foundation for the high-quality development of the private economy, with significant implications for its growth by 2025 [3][4] - The seminar gathered nearly 200 experts and representatives from the judicial, academic, and business sectors to explore legal pathways for the high-quality development of the private economy [1][3] Group 1 - The seminar was organized by various associations and institutions, including the Hunan Provincial Federation of Industry and Commerce and the Hunan Law Society, to discuss the implementation of the new law [1][3] - Hunan's provincial leaders emphasized the importance of the law in guiding and supporting the development of the private economy, with a focus on creating a conducive environment and addressing challenges [3][4] - Legal professionals highlighted the law as a milestone for the private economy, urging lawyers to enhance their roles in promoting the law and providing innovative services to private enterprises [3][4] Group 2 - Experts discussed the law's provisions and institutional innovations, with a focus on the judiciary's role in protecting property rights and resolving disputes for the private economy [4] - The seminar also covered the collaborative efforts between policy and judicial systems to create a law-based business environment, with practical examples shared by corporate legal representatives [4][5] - The implementation of the law is expected to lead to more practices that support the high-quality development of the private economy in Hunan, contributing to the region's economic modernization [5]