Chinese lawmakers voted to adopt the private sector promotion law after the draft version was submitted to the third review at the 15th Standing Committee of the 15th NPC, which concluded Wednesday, Yang Hekin pointed out, Newcomer News Agency reported.
Yang said, “For the first time, we will “intend and develop, fire, promote, promote, support, and guide the development of the non-public sector” as written in the law and “for the first time we will “intend and develop, fire, promote, support and guide the public sector,” Yang said.
In an unprecedented move, the law stipulates that promoting sustainable, healthy and quality development of the private economy is China’s major and long-term policy, Yang pointed out.
Since reform and opening up in 1978, China’s private economy has grown from small to large, from weak to strong, and has been constantly developing and expanding.
Yang said, however, as the problems of imbalance and inadequate development within the country are prominent and become unseen for a century around the world, the private economy faces many challenges and challenges in new opportunities and its development.
The formulation of laws is of very broad importance in order to stabilize expectations, increase the confidence of society as a whole, stimulate the momentum of private economy development, and promote high-quality development.
Yang also highlighted the need to promote formulation and revision of regulations and systems in a coordinated manner, as well as the detailed implementation of various support and guarantee measures to ensure accurate and effective application of this law, the report added.
MA/PR