Beijing has started drafting a bill to promote the private sector in China’s latest attempt to revive its sluggish post-pandemic economic recovery and boost investor confidence following a recent stock market meltdown and a prolonged property market crisis.
The proposed bill, which debuted as the private economy promotion law, has been introduced into the lawmaking process by the country’s top legislature, the justice ministry and top economic planner, China’s state broadcaster CCTV said on Wednesday.
The private economy promotion law aims to “respond to enterprises’ concerns” and use legal measures to “effectively implement equal treatment of state-owned and private enterprises,” the justice ministry said.
Neither specific clauses nor the lawmaking timeline were made public by CCTV.