Department of Justice: The Private Economy Promotion Law Reflects Central Policies, Actively Responding to Social Concerns.

Deputy Minister of Justice Wang Zhenjiang stated at a press conference held by the State Council Information Office on the 8th that the promulgation of the Private Economy Promotion Law will establish the guidelines and policies of the Party Central Committee and the State Council regarding the private economy, as well as effective practices and experiences, as legal system, in order to consolidate the achievements of reform, create a legal environment and social atmosphere conducive to the common development of various ownership economies including private economy, firmly handle its own affairs, and continuously consolidate the stable and improving trend of the Chinese economy. The Private Economy Promotion Law will come into effect on May 20, 2025. Wang Zhenjiang stated that for the first time, the Private Economy Promotion Law will uphold the principle of "two unwavering commitments" in writing, clarify the legal status of the private economy, and stipulate in the law that "promoting the sustained, healthy, and high-quality development of the private economy is a major policy that the country will persist on in the long term," fully demonstrating the Party Central Committee's firm determination to promote the development and growth of the private economy, further indicating to society that the development of the private economy is a consistent and long-term policy of the Party and the country.