China adopts law promoting private sector
The new law "will further optimise the development environment for private businesses, ensure fair market competition among all types of economic entities". File photo: AFP
National lawmakers on Wednesday voted to adopt the Private Economy Promotion Law – the first of its kind in China – underscoring support for a key sector of the world's second-largest economy.
Passed at a session of the Standing Committee of the National People's Congress, the law – which includes provisions on fair competition, access to investment and financing and rights protections – will take effect on May 20, Xinhua news agency reported.
The new law "will further optimise the development environment for private businesses, ensure fair market competition among all types of economic entities, promote the healthy growth of both the private economy and private entrepreneurs", according to Xinhua.
It consists of nine chapters and 78 articles, including fair competition, investment and financing promotion, technological innovation, and rights protection, it added.
Authorities have in recent months unveiled a raft of measures to support private firms and the economy. (Additional reporting by Reuters)
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