A draft law on promoting the private economy was submitted to the Standing Committee of the National People's Congress for deliberation on Saturday, which is scheduled to last until Wednesday.

The draft, which had been published to solicit public opinions from Oct 10 to Nov 8, consists of nine chapters covering the following aspects: fair competition, investment and financing environment, scientific and technological innovation, rights protection, and legal responsibility.

The law, which is expected to be finalized and passed by the country's top legislature soon, will elevate the measures to promote the development of the private economy from government policies to legal norms.

The efficiency with which the draft has transformed from a proposal in February to what it is now, one step away from becoming a law, speaks volumes of the authorities' recognition of its necessity and importance, as well as the broad social consensus on that.

Promoting sustained, healthy and high-quality development of the private economy is a major policy that the government has long adhered to. The draft stipulates that private enterprises can enter the fields outside the negative list of market access on an equal basis; and it is prohibited to restrict or exclude private enterprises in bidding and government procurement.

It supports private enterprises participating in national strategies and major projects, improves the market-based risk-sharing mechanism for the financing of private economic entities, and clarifies the investment and financing support measures for private companies.

The draft also supports private companies' participation in national sci-tech projects and major national scientific research infrastructure, and encourages State research and development and technology platforms to serve private companies.

In particular, the draft strictly regulates the scope and procedures of compulsory measures such as restriction of personal freedom and freezing of personal assets clearly prohibits the use of administrative and criminal means to illegally intervene in economic disputes, and regulates law enforcement by the authorities from jurisdictions that enterprises are not registered in.

If these articles can be fixed as binding law, they will be of tremendous significance for further optimizing the development environment for private enterprises in the country.

CCTV NEWS