China steps up legislation on promoting private economy

The Ministry of Justice, the National Development and Reform Commission (NDRC), and the Legislative Affairs Commission of the Standing Committee of the National People's Congress (NPC) jointly held a legislative work symposium on Feb 21 to discuss legislation concerning the promotion of the private economy and to listen to opinions and suggestions from academics and representatives of private enterprises.

The symposium called for accelerating the formulation of a law aimed at promoting the development of the private economy and fostering its growth.

Minister of Justice He Rong presided over the symposium. Wang Ruihe, deputy director of the NPC Standing Committee's Legislative Affairs Commission, Liu Guixiang, a standing member of the Supreme People's Court (SPC)'s adjudication committee (vice-minister level), Gong Ming, deputy prosecutor-general of the Supreme People's Procuratorate, Zhao Chenxin, vice-chairman of the NDRC, Wang Zhenjiang and Hu Weilie, vice-ministers of justice, and Fang Guanghua, vice-chairman of the All-China Federation of Industry and Commerce, attended the symposium.

The attendees agreed that the legislation concerning the promotion of the private economy should thoroughly implement the guiding principles of the 20th National Congress of the Communist Party of China and the Central Economic Work Conference. They stressed the importance of studying and understanding the important instructions of the central leadership on private economy development, adhering to and improving the basic socialist economic system, and protecting private companies' property rights and the rights and interests of entrepreneurs in accordance with the law so as to further optimize the developmental environment for private businesses.

Meanwhile, the legislative work needs to summarize experience, consolidate previous achievements, respond to the concerns of enterprises and address weak links. Concrete measures in the legal system should be taken to ensure the equal treatment of State-owned and private-owned enterprises and leverage the role of the rule of law in consolidating foundations, ensuring stable expectations, and delivering long-term benefits.

According to the symposium, the major concerns of private enterprises should be well addressed, including protecting their property rights, ensuring their fair participation in market competition and their equal access to production factors as well as fair law enforcement and impartial judicial administration and resolving overdue payments owed to small- and medium-sized enterprises.

Additionally, importance should be attached to improving relevant systems, maintaining consistency and stability in policy formulation and implementation through rule of law thinking and methods, boosting confidence, energizing business entities and stimulating their creativity, and promoting the development of new productive forces.

He Rong stressed that the drafting work will widely solicit opinions from the public, follow legislative procedures, enhance the quality and efficiency of legislation and reach a consensus among different parties, in a bid to formulate a practical, effective and operable law that helps promote the healthy development of the private sector, foster a world-class business environment that is market-oriented, law-based and internationalized, and provide a robust legal guarantee for promoting high-quality development and the advancement of Chinese modernization.

Other participants attending the symposium also pledged to jointly advance the legislation on promoting the private economy, effectively address practical issues affecting the development of private enterprises, and stabilize their expectations.