In a bold move for growth and innovation, Chinese lawmakers have just adopted a private sector promotion law. This new measure is designed to ensure fair competition by leveling the playing field for economic entities with diverse ownership structures.
Liu Min from the National Development and Reform Commission’s private economy development bureau explained that the law aims to boost opportunities for all players. With registered private enterprises now making up over 92% of all businesses in the Chinese mainland, the new regulation marks a significant milestone in the country’s long-term economic strategy.
This transformative journey started over 40 years ago during the reform and opening-up era—with pioneering Special Economic Zones like Shenzhen setting the stage for today’s vibrant hubs of innovation. For young tech enthusiasts and budding entrepreneurs across South and Southeast Asia, this development serves as an exciting reminder that sustainable progress is fueled by diversity and fair play. 🚀
As the private sector continues to thrive with more than 57 million registered enterprises by March 2025, stay tuned for how this dynamic shift reshapes the economic landscape for a brighter, more innovative future!
Reference(s):
China's new law to boost private sector, utilize opportunities
cgtn.com
