Opinion: Grasping the Essence of the Private Economy Promotion Law

China’s Ministry of Justice and the National Development and Reform Commission recently released the draft of the Private Economy Promotion Law for public consultation, sparking widespread interest. As China’s first foundational law specifically concerning the development of the private economy, it aims to “optimize the development environment for the private economy, ensure fair market competition among various economic entities, and promote the healthy development of the private economy and its entrepreneurs.” Within a week of its publication on Oct. 10, the ministry received over 1,000 comments and suggestions, reflecting keen anticipation for this legislation.