Private sector bill expected to help inject vitality into economy

The draft of the private sector promotion law, under review by the top legislature, is expected to promote the sustainable and sound development of the private economy, indicating China's long-term policy to promote the healthy and high-quality development of the private economy.

The private sector has shown strong resilience in the first quarter of this year, with new business registrations rising steadily. But the escalation in Sino-US trade frictions is putting more pressure on the private sector.

The draft law is a critical step toward deepening reform and opening-up and optimizing the business environment. It will provide institutional safeguards for the high-quality development of China's private economy amid growing external uncertainty.