The Private Enterprise Promotion Law will be implemented starting today, with special legislation to support and protect private enterprises.

The Law of the People's Republic of China on the Promotion of Private Economic Development came into effect today. As the first fundamental law specifically related to the development of the private economy in our country, it not only includes the principle of "two unswervingly" for the first time, but also establishes the legal status of the private economy through legislation. The Law on the Promotion of Private Economy consists of 9 chapters and 78 articles, which clearly stipulate that the private economy is an important component of the socialist market economy and that promoting the sustainable, healthy, and high-quality development of the private economy is a significant long-term policy of the country. In terms of guaranteeing fair competition, the law improves the system mechanism for private economic organizations to participate fairly in market competition in the field of market access, and turns effective policies and practices into legal systems.