Formulating the Law on Promoting Private Economy has significant constitutional significance and legal innovation significance.

This morning, the Information Office of the State Council held a press conference on the Promotion of Private Economy Law. Wang Ruihe, Vice Director of the Law Committee of the National People's Congress, stated that the formulation of the Promotion of Private Economy Law will establish the basic guidelines and policies of the Party and the state on the development of the private economy in the form of law, in line with the provisions of the Constitution on the basic economic system of socialism. The legal system that supports and guarantees the development of the private economy is integrated into the socialist legal system with Chinese characteristics, which has significant constitutional and legal innovation significance. The Promotion of Private Economy Law explicitly states in the first article that "In accordance with the Constitution, this law is formulated," and stipulates that the state will adhere to and improve the socialist basic economic system, consolidate and develop the public ownership economy, and encourage, support, and guide the development of the non-public ownership economy without hesitation. The private economy is an important component of the socialist market economy, it is the driving force behind China's modernization, the foundation for high-quality development, and a significant force for promoting the comprehensive construction of a socialist modernized strong country and achieving the great rejuvenation of the Chinese nation. Promoting the sustained, healthy, and high-quality development of the private economy is a major long-term policy of the state. The formulation and promulgation of the Promotion of Private Economy Law fully demonstrates that the basic guidelines and policies of the Party and the state towards the development of the private economy will not and cannot change. It will promote the more robust and comprehensive legal system that supports the high-quality development of the private economy and strengthen the guarantee system.