China begins drafting law on promoting private economy

BEIJING -- China's Minister of Justice He Rong said at a symposium on Wednesday that the country had started drafting a law on promoting its private economy.

The symposium was jointly held by the Ministry of Justice, the National Development and Reform Commission, and the Legislative Affairs Commission of the National People's Congress Standing Committee to discuss the legislation concerning promotion of the private economy, attended by representatives of private enterprises and academics.

He said the drafting work would widely solicit opinions from the public and reach a consensus among different parties so that the law can effectively promote the healthy development of the private sector.

The attendees agreed that the major concerns of private enterprises should be well addressed, including protecting the property rights of private businesses, ensuring their equal participation in market competition, and resolving overdue payments owed to small and medium businesses.

They emphasized the necessity of boosting confidence, energizing business entities and stimulating their creativity, and promoting the development of new productive forces.