China Mulls Draft Law To Promote Private Sector Development
Date
12/22/2024 12:08:52 AM
(MENAFN- AzerNews)
Chinese lawmakers are deliberating a draft of the country's
first basic law specifically focused on the development of the
private sector, Azernews reports, citing
Xinhua.
The law will be conducive to creating a law-based environment
that is favorable to the growth of all economic sectors, including
the private sector, said He Rong, Minister of justice, while
explaining the draft on Saturday during the ongoing session of the
Standing Committee of the National People's Congress, the national
legislature.
The draft private sector Promotion law covers areas such as fair
competition, investment and financing environments, scientific and
technological innovation, regulatory guidance, service support,
rights and interests protection and legal liabilities.
Lawmakers agreed that the law will be of great significance for
further optimizing the environment for private sector development,
accelerating the formation of a new development paradigm and
driving high-quality growth.
The draft has incorporated suggestions solicited from
representatives of the private sector, experts, scholars and the
general public, He said.
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