Latest news with #StandingCommitteeoftheNationalPeople'sCongress
The Star
04-05-2025
- Business
- The Star
China passes private sector law, addressing gripes of beleaguered businesses
China passed a much-anticipated law to shore up the country's private economy on Wednesday, as Beijing delivers on its oft-repeated promise to protect and promote the non-state sector at a time when the Chinese economy looks to hinge more on domestic dynamism to ensure growth amid a trade war with the United States. The 78-article Private Economy Promotion Law was passed following its third reading by the Standing Committee of the National People's Congress, China's top legislature. It will come into force on May 20. As China's first law focused on promoting the private sector, it stipulates measures to promote fair market competition, encourage the involvement of private firms in scientific and technological projects, and safeguard their economic rights and interests, according to state media reports. The full text of the legislation has yet to be published. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Li Zhaoqian, president of the China Society for the Study of the Private-Sector Economy, wrote in an article published in Communist Party newspaper the People's Daily on Wednesday that the law's success would depend on it being thoroughly implemented. 'There are still difficult issues and choke points such as market access, unpaid debts owed to private enterprises, financing barriers, as well as protecting the rights of entrepreneurs,' Li said. 'To tackle these, we need more vigorous coordination to strengthen implementation supervision [of the law].' Tang Dajie, a senior researcher with the China Enterprise Institute think tank in Beijing, said a key provision in the law was a measure aimed at preventing local authorities from unfairly targeting private businesses – so-called 'profit-driven' law enforcement. 'In the past two years, the business community has responded strongly to profit-seeking law enforcement and officers going beyond their jurisdiction to collect fines or seize assets,' Tang said. 'The law will restrict the law enforcement power of the public security department and promote strict, standardized, fair and civilized law enforcement.' China's leaders hope the new law will be a morale booster. There had been expectations that the law would be deliberated over – and possibly passed – during last month's annual legislative session, but it was not. The passage of the law appeared to have been accelerated since the latest meeting of the Standing Committee of the National People's Congress began on Sunday, with legislators voting after the third reading, Tang noted. The move comes at a crucial moment for China, as government efforts to boost domestic demand and investment gain increasing urgency with the Chinese economy beginning to feel the impact of sky-high US tariffs. The drafting and crafting of a law dedicated to the private sector began in 2024, led by the top economic planning agency, the National Development and Reform Commission. A draft was released for public feedback in October. And the law's second review in February sparked wider discussions on market entry and enforcement issues. That month, President Xi Jinping raised expectations when he assembled the country's most prominent private entrepreneurs to rally the sector and seek its help in stabilising the economy. It was the first such meeting held since 2018. China's private sector is responsible for more than 60 per cent of the nation's gross domestic product, 70 per cent of its technological innovation, and 80 per cent of urban jobs, according to the National Bureau of Statistics. But China's unbalanced economic recovery, sluggish consumption, and regulatory uncertainties have sapped investor sentiment for years. The private sector's long-standing complaints, including the curtailment of market access and perceived favouritism towards the state sector, have yet to be fully addressed. Private investment has contracted for years. But in an encouraging sign, the sector's new investment edged up 0.4 per cent, year on year, in the first quarter. More from South China Morning Post: For the latest news from the South China Morning Post download our mobile app. Copyright 2025.
Asahi Shimbun
30-04-2025
- Business
- Asahi Shimbun
Japan seeks new panda loan from China ahead of zoo returning 4
Hiroshi Moriyama, left, leader of the Japanese parliamentary delegation to China, with Zhao Leji, chairman of the Standing Committee of the National People's Congress, in Beijing on April 29 (Pool) BEIJING—A delegation of Japanese lawmakers met senior Chinese officials here hoping for a continuation of "panda diplomacy," requesting the continued loan of giant pandas to Japan. 'Many fans, especially children, are saddened by the pandas' departure,' said Hiroshi Moriyama, the secretary-general of the Liberal Democratic Party, on April 29. The request for a new panda loan comes ahead of the scheduled return of four pandas currently residing at a Wakayama Prefecture zoo by the end of June. Zhao Leji, the third-ranking member of the Chinese Communist Party, responded positively. According to sources, he called pandas "ambassadors of friendship," stating that the relevant authorities in China would discuss the matter. The two officials also agreed on the mutual benefit of promoting bilateral relations. In response to the meeting, the spokesman for China's Foreign Ministry noted that cooperation between China and Japan on panda breeding and technical exchanges has yielded positive results. Moriyama led the cross-party delegation, which visited China for the first time since August. Currently, six pandas are in Japan under China's breeding and research program, including two at Tokyo's Ueno Zoo, which are also set to be returned by February next year. The latest instance of panda diplomacy highlights Beijing's growing interest in strengthening economic ties with Japan and other Asian neighbors. Chinese President Xi Jinping criticized U.S.-imposed tariffs on China, urging other nations to stand against a 'unilateral act of bullying' by the United States. While Japan and China share common interests in opposing U.S. tariffs and supporting free trade, their relationship remains strained by political tensions. These include territorial disputes and Beijing's ban on Japanese seafood imports following the release of treated radioactive water from the Fukushima No. 1 nuclear power plant. Since taking office in October, Prime Minister Shigeru Ishiba has held talks with Xi and Chinese Foreign Minister Wang Yi to improve bilateral relations. Arrangements are being made for a trilateral summit between Japan, China and South Korea later this year, with Chinese Premier Li Qiang expected to visit Japan for the occasion.
South China Morning Post
30-04-2025
- Business
- South China Morning Post
China passes private sector law, addressing gripes of beleaguered businesses
China passed a much-anticipated law to shore up the country's private economy on Wednesday, as Beijing delivers on its oft-repeated promise to protect and promote the non-state sector at a time when the Chinese economy looks to hinge more on domestic dynamism to ensure growth amid a trade war with the US. Advertisement The 78-article Private Economy Promotion Law was passed following its third reading by the Standing Committee of the National People's Congress, China's top legislature. It will come into force on May 20. It stipulates measures to promote fair market competition; enhance the investment and financing environment; encourage private firms' involvement in scientific projects and technological innovation; and also safeguard their economic rights and interests. China's leaders hope the new law will be a morale booster. There had been expectations that the law would be deliberated over – and possibly passed – during last month's annual legislative session, but it was not The drafting and crafting of a law dedicated to the private sector began in 2024, led by the top economic planning agency, the National Development and Reform Commission. A draft was released for public feedback in October Advertisement
Korea Herald
10-04-2025
- Business
- Korea Herald
Xi 'seriously' considering visit to S. Korea for APEC summit: Chinese official
Chinese President Xi Jinping is seriously considering a visit to South Korea in conjunction with the upcoming Asia-Pacific Economic Cooperation summit, a senior official from China's top legislature said Thursday. Losang Jamcan, vice chairman of the Standing Committee of the National People's Congress, made the remarks during a meeting with South Korean National Assembly Speaker Woo Won-shik in Seoul. "President Xi places great importance on a potential visit to South Korea in conjunction with the APEC summit. It is important to maintain close communication on this matter," Losang was quoted as saying by Woo's office. "China maintains a positive attitude toward bilateral cultural exchanges. The two sides should continue to build on the recent momentum of active exchanges and cooperation," he added. Woo asked for China's continued attention to Xi's potential trip to South Korea. South Korea is scheduled to host the APEC summit in Gyeongju, about 275 kilometers southeast of Seoul, from late October to early November. China is the host for the multilateral gathering next year. Speaking of the bilateral free trade agreement, which marked its 10th anniversary this year, Woo called for joint efforts to accelerate follow-up negotiations on services and investment that are expected to help enhance bilateral economic cooperation. Woo also asked for China's support for South Korean firms to do business in China "under stable and predictable circumstances," his office said. (Yonhap)
