Latest news with #StandingCommitteeof
The Star
30-04-2025
- Business
- The Star
China Economic Roundtable: Promulgation of private sector promotion law timely is significant, says official
Chinese lawmakers voted to adopt the private sector promotion law after a draft version was submitted for the third review at the 15th session of the Standing Committee of the 14th NPC that concluded today. – Xinhua photo BEIJING: The promulgation of China's private sector promotion law is timely and of great significance, says Yang Heqing, head of the economic law department of the Legislative Affairs Commission of the National People's Congress (NPC) Standing Committee. Chinese lawmakers voted to adopt the private sector promotion law after a draft version was submitted for the third review at the 15th session of the Standing Committee of the 14th NPC that concluded on Wednesday (April 30). For the first time "unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the non-public sector" and "facilitating the healthy development of the non-public sector and those working in it" are written into law, Yang said during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. In an unprecedented move, this law stipulates that promoting the sustained, healthy and high-quality development of the private economy is a major and long-term policy of China, Yang noted. Since the reform and opening up in 1978, China's private economy has grown from small to large and from weak to strong, constantly developing and expanding. However, as the problems of unbalanced and inadequate development in the country remain prominent, and changes unseen in a century accelerate across the globe, the private economy is facing new opportunities as well as many difficulties and challenges in its development, Yang noted. The formulation of the law is of great and far-reaching significance for stabilizing expectations and boosting confidence throughout society, stimulating the development momentum of the private economy, and promoting high-quality development. Yang also stressed the need to promote the formulation and revision of supporting regulations and systems in a coordinated manner, as well as the implementation of various support and guarantee measures in detail, to ensure the correct and effective application of this law. - Xinhua
Borneo Post
30-04-2025
- Business
- Borneo Post
Promulgation of private sector promotion law timely, significant, says official
Chinese lawmakers voted to adopt the private sector promotion law after a draft version was submitted for the third review at the 15th session of the Standing Committee of the 14th NPC that concluded today. – Xinhua photo BEIJING (April 30): The promulgation of China's private sector promotion law is timely and of great significance, said Yang Heqing, head of the economic law department of the Legislative Affairs Commission of the National People's Congress (NPC) Standing Committee. Chinese lawmakers voted to adopt the private sector promotion law after a draft version was submitted for the third review at the 15th session of the Standing Committee of the 14th NPC that concluded today. For the first time 'unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the non-public sector' and 'facilitating the healthy development of the non-public sector and those working in it' are written into law, Yang said during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. In an unprecedented move, this law stipulates that promoting the sustained, healthy and high-quality development of the private economy is a major and long-term policy of China, Yang noted. Since the reform and opening up in 1978, China's private economy has grown from small to large and from weak to strong, constantly developing and expanding. However, as the problems of unbalanced and inadequate development in the country remain prominent, and changes unseen in a century accelerate across the globe, the private economy is facing new opportunities as well as many difficulties and challenges in its development, Yang noted. The formulation of the law is of great and far-reaching significance for stabilising expectations and boosting confidence throughout society, stimulating the development momentum of the private economy, and promoting high-quality development. Yang also stressed the need to promote the formulation and revision of supporting regulations and systems in a coordinated manner, as well as the implementation of various support and guarantee measures in detail, to ensure the correct and effective application of this law. – Xinhua China private sector promotion law Xinhua
&w=3840&q=100)
Business Standard
30-04-2025
- Business
- Business Standard
Hoping to regain investor trust, China enacts its first private sector law
China's Private Economy Promotion Law aims to level the playing field for private firms, protect against unfair treatment, and revive business confidence amid US trade tensions New Delhi China has approved its first comprehensive law aimed at supporting and protecting the country's private sector, state media Xinhua reported. This law has been a long-awaited move that aims to revitalise domestic business activity amid ongoing domestic economic challenges in China, as well as its ongoing trade war with the United States. The Private Economy Promotion Law was approved by the Standing Committee of the National People's Congress (NPC) on Wednesday and will come into force on 20 May 2025. What is China's new Private Economy Promotion Law? The Private Economy Promotion Law is the first of its kind to specifically focus on the private economy, which plays a central role in China's growth, innovation, and employment. The drafting process began in 2024 under the guidance of the National Development and Reform Commission. A draft version was opened to public feedback last October, and a second reading in February 2025 triggered further debate around issues of enforcement and market access. Why China's new private sector law is a big policy shift The passage of the law marks a formal shift in policy as Beijing looks to enshrine long-standing pledges into legislation, especially to ensure private companies are treated on par with state-owned enterprises. How China's private sector law promotes fair competition with state firms With 78 articles in total, the new law sets out to level the playing field between private enterprises and state-owned firms. It introduces provisions to promote fair competition, improve access to investment and financing, and reinforce protections for private businesses against arbitrary fines and intrusive law enforcement. While the full text of the law has not yet been released, officials say it enshrines long-standing policy commitments into a legal framework for the first time. Tang Dajie, a senior researcher with the China Enterprise Institute, told the South China Morning Post that the new legislation is expected to curb the misuse of power by local authorities and bring more standardisation and fairness to how laws are enforced. However, questions remain about how effectively the law will be implemented, as it does not include a specific enforcement mechanism to guarantee these rights. Why China's private businesses need legal protection and reforms China's private businesses currently account for over 60 per cent of national GDP, 70 per cent of technological advancements, and 80 per cent of urban employment, according to data cited by Bloomberg. By the end of March 2025, more than 57 million private enterprises had been registered, making up over 92 per cent of all firms in the country. Despite their contribution, many private firms have voiced concerns in recent years about inconsistent treatment, restricted market access, and aggressive regulatory actions. Business leaders have also complained of overreaching law enforcement practices, such as unjustified asset seizures and excessive penalties. Challenges and criticisms of China's private sector legislation Critics, as cited by Bloomberg, have pointed out that while the law is a game changer for the private sector, it lacks an enforcement mechanism to provide legal protections to ensure such rights, raising questions on whether it will make a substantive change. Why US trade war and weak demand drove China's private sector law The move comes amid mounting economic pressure. With trade tensions with the United States intensifying and domestic consumption lagging, China is increasingly reliant on domestic engines to keep growth on track. With foreign demand uncertain and consumption sluggish at home, policymakers are turning to the private sector to stabilise the economy and drive innovation. Officials see this law as a way to restore investor confidence and reinvigorate business activity. While investment from private firms has declined in recent years due to regulatory uncertainty and weaker demand, there are signs of a tentative recovery. In the first quarter of 2025, private sector investment recorded a modest year-on-year rise of 0.4 per cent.
RTHK
30-04-2025
- Business
- RTHK
China adopts law promoting private sector
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)
South China Morning Post
14-03-2025
- Politics
- South China Morning Post
Mainland China calls for legal improvements to fight Taiwan independence, foreign forces
Mainland China's No 3 official has called for 'further improving' the legal system against Taiwan independence during a symposium in Beijing marking the 20th anniversary of the country's Anti-Secession Law Advertisement Zhao Leji, chairman of the Standing Committee of the National People's Congress (NPC), said on Friday that China should 'resolutely crack down on Taiwanese secession and intervention of foreign forces'. China has doubled down on 'improving the legal system to penalise independence forces' and the 'large-scale anti-secession, anti-intervention struggle' under the leadership of Chinese President Xi Jinping, Zhao said at the event. The last time such a meeting was held was in 2020, which marked the 15th anniversary of the law. Zhao Leji (top, centre), chairman of the Standing Committee of the National People's Congress, addresses a symposium in Beijing on Friday marking the 20th anniversary of the Anti-Secession Law. Photo: Xinhua Zhao added that the country would continue to step up its confidence and determination to achieve reunification with Taiwan, which Beijing sees as part of its territory.
