中文

Speakers:

Mr. Wang Ruihe, deputy director of the Legislative Affairs Commission of the Standing Committee of the National People's Congress

Ms. Zheng Bei, vice chairwoman of the National Development and Reform Commission

Mr. Wang Zhenjiang, vice minister of justice

Ms. Cong Lin, vice minister of the National Financial Regulatory Administration

Mr. Fang Guanghua, vice chairman of the All-China Federation of Industry and Commerce

Chairperson:

Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

May 8, 2025

Xing Huina:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). The 15th session of the Standing Committee of the 14th National People's Congress (NPC) voted to pass the Private Sector Promotion Law of the People's Republic of China on April 30, which will come into effect on May 20, 2025. To help everyone better understand the law, today we have invited Mr. Wang Ruihe, deputy director of the Legislative Affairs Commission of the NPC Standing Committee; Ms. Zheng Bei, vice chairwoman of the National Development and Reform Commission (NDRC); Mr. Wang Zhenjiang, vice minister of justice; Ms. Cong Lin, vice minister of the National Financial Regulatory Administration (NFRA); and Mr. Fang Guanghua, vice chairman of the All-China Federation of Industry and Commerce (ACFIC), to brief you on the Private Sector Promotion Law and answer your questions.

Now, I'll give the floor to Mr. Wang for his introduction.

Wang Zhenjiang:

Good morning, everyone. I am very pleased to attend this morning's press conference together with colleagues from the Legislative Affairs Commission of the NPC Standing Committee, the NDRC, the NFRA and the ACFIC. Thank you all for your concern and support for the legislative work associated with the Private Sector Promotion Law. Next, I will introduce the research, drafting and formulation of the law.

The Central Committee of the Communist Party of China (CPC) and the State Council attach great importance to the development of the private economy. Since the reform and opening up in 1978, China's private economy has developed rapidly under the guidance of the Party's lines, principles and policies. Especially since the 18th CPC National Congress, the Party Central Committee with Comrade Xi Jinping at its core has taken a series of major measures to promote the development of the private economy. The private economy has continued to play an increasingly important role in China's national economy and social development. At the same time, due to a combination of multiple internal and external factors, such as changes in the external environment and inadequate policy implementation, the private economy faces some difficulties and challenges in areas including fair participation in market competition, equal access to production factors, obtaining investment, financing and services, and the protection of legitimate rights and interests. There is an urgent need to codify the guiding principles and effective practices of the CPC Central Committee and the State Council on the private economy, in order to consolidate the achievements of reforms. It is also necessary to promptly improve relevant institutional measures to address prominent issues in practice, respond to public concerns, boost confidence and unleash the internal dynamism of private enterprises. These efforts will foster a legal environment and social atmosphere conducive to the development of all forms of ownership, including the private economy, enable us to stay focused on managing our own affairs well, and further consolidate the momentum of economic recovery and long-term growth. We will counter the uncertainties of a rapidly changing external environment with a firm commitment to high-quality development. Formulating the Private Sector Promotion Law is a major decision and deployment made by the Party Central Committee with Comrade Xi Jinping at its core. The need to formulate this law was clearly stated at the third plenary session of the 20th CPC Central Committee. The 2024 Central Economic Work Conference explicitly called for the introduction of this law.

In accordance with the work plan, the Ministry of Justice and the NDRC requested the Legislative Affairs Commission of the NPC Standing Committee to take the lead in forming a drafting task force composed of 17 relevant departments from central and state organs. The task force thoroughly studied and comprehended the guiding principles of General Secretary Xi Jinping's important instructions and the key points of his speech delivered at the symposium on private enterprises on Feb. 17 this year. The task force, in line with the guidelines and policies of the CPC Central Committee and the State Council, widely solicited public opinions, conducted in-depth research and analysis, and drafted the law. After the third plenary session of the 20th CPC Central Committee, the task force revised the draft in alignment with the session's guiding principles, solicited public opinions again, and further refined it based on public feedback. After being discussed and approved at a State Council executive meeting, the draft was submitted to the NPC Standing Committee for deliberation in December 2024. The NPC Standing Committee reviewed the draft three times — in December 2024, February 2025 and April 2025 — and released it again for public comment during the period. On April 30, 2025, the 15th session of the 14th NPC Standing Committee voted to pass the Private Sector Promotion Law of the People's Republic of China, which will officially come into effect on May 20.

The law consists of nine chapters and 78 articles, establishing and improving relevant systems and mechanisms around fair competition, investment and financing promotion, scientific and technological innovation, regulatory guidance, service support and the protection of rights and interests. It translates the CPC Central Committee's commitment to equal treatment and protection of the private economy into concrete legal provisions, in a bid to continuously improve a stable, fair, transparent and predictable environment for its development. As the first foundational law dedicated to the development of the private economy, the law marks a major step in implementing the decisions of the third plenary session of the 20th CPC Central Committee and the important remarks made by General Secretary Xi Jinping at the symposium on private enterprises. It is a vivid embodiment of Xi Jinping Thought on the Rule of Law and Xi Jinping Thought on Economy, a landmark event in building China's socialist market economy, and a milestone in the development of its private sector. The law marks several breakthroughs. It is the first to enshrine into legal doctrine the principle of "unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the non-public sector." It is the first to clearly define the legal status of the private economy, and the first to explicitly state that "promoting the private sector's sustained, healthy and high-quality development is a long-term major national policy." This fully demonstrates the firm commitment of the CPC Central Committee in supporting the growth of the private sector and sends a clear message that developing the private economy remains a consistent and enduring policy of both the Party and the state. This will further unleash the internal drive and creative vitality of the private economy, boost confidence among private business operators, and inspire their entrepreneurial spirit and determination, fostering a strong sense of commitment to the nation and strengthening their resolve to be builders of socialism with Chinese characteristics and contributors to Chinese modernization.

Laws alone cannot implement themselves. We hope all regions and government departments will take the adoption of the Private Sector Promotion Law as an opportunity to rigorously implement its provisions, ensuring thorough and accurate publicity and interpretation of the law and full compliance with its requirements, and promote the promulgation and implementation of supporting regulations as soon as possible. Efforts should be made to coordinate and refine the supportive and guarantee measures, and improve the institutional system for the development of the private sector. We need to further improve the law-based business environment, and effectively protect the legitimate rights and interests of private economic organizations and their operators in accordance with the law. We will step up efforts to foster a positive social atmosphere that supports the development of private businesses, and promote their sustained, healthy and high-quality development.

That is all for my introduction. Now, my colleagues and I are ready to answer your questions. Thank you.

Xing Huina:

The floor is now open for questions. Please raise your hand and state the news outlet you represent before asking your questions.