China speeds up finalization of draft law to protect, promote private firms

China is accelerating the revising and finalization of a draft law aimed at promoting the growth and protection of private enterprises, the National People's Congress, the country's national legislature, said at a news conference on Tuesday, one day ahead of the opening of its annual session.

Lou Qinjian, spokesman for the third session of the 14th NPC, said that China will further revise the draft private economy promotion law based on the deliberation by the NPC Standing Committee, as well as opinions and suggestions from various sectors, and work for the early promulgation of the law.

The draft law was submitted by the State Council, the country's Cabinet, for deliberation by the NPC's Standing Committee in December and underwent a new round of review in February, according to Lou.

The draft has included the commitments to the public and non-public sectors, facilitating the healthy development of the non-public sector and those working in it into law for the first time and making the country's major policies and measures on promoting the development of the private sector legal norms, Lou said.

This will have significant and far-reaching importance for ensuring that economic entities under all forms of ownership have equal access to production factors, fair participation in market competition, and equivalent legal protections, Lou added.

The draft will also contribute to creating a more conducive environment for private enterprises to thrive and boost the confidence of private business owners, Lou added.