The Private Economy Promotion Law will be implemented starting from May 20th this year.

On April 30, the 15th meeting of the 14th National People's Congress Standing Committee voted and passed the Private Economy Promotion Law, which will come into effect on May 20, 2025. The Private Economy Promotion Law consists of 9 chapters and 78 articles, including general principles, fair competition, investment and financing promotion, technological innovation, business norms, service guarantees, rights protection, legal responsibilities, and supplementary provisions. As China's first fundamental law specifically related to the development of the private economy, the Private Economy Promotion Law will further optimize the development environment for the private economy, ensure all types of economic organizations can fairly participate in market competition, promote the healthy development of the private economy and the healthy growth of private economy professionals, establish a high-level socialist market economy system, and enhance the important role of the private economy in national economic and social development.