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The report of the 20th CPC National Congress clearly defined the goals and tasks of comprehensively deepening reform, emphasizing the need to continue to uphold and improve the socialist basic economic system and unswervingly encourage, support and guide the development of the non-public economy. By the end of June 2024, the number of registered private enterprises nationwide reached more than 55 million, the number of individual industrial and commercial households reached 125 million, and the number of private business entities exceeded 180 million [1]. The private economy has become one of the important pillars of China's national economy.

The legislative process of the Private Economy Promotion Law has entered the "fast lane"

The Decision of the CPC Central Committee on Further Comprehensively Deepening Reform and Promoting Modernization with Chinese Characteristics states:

“Formulate a law to promote the private economy. Deeply remove market access barriers, promote fair opening of competitive infrastructure areas to business entities, and improve the long-term mechanism for private enterprises to participate in the construction of major national projects. Support capable private enterprises to take the lead in undertaking major national technological research tasks, and further open up major national scientific research infrastructure to private enterprises. Improve the policy system for supporting private enterprise financing to solve the problems of difficulty and high cost of financing. Improve the legal and regulatory system for long-term supervision of fees related to enterprises and repayment of overdue accounts owed to enterprises. Accelerate the establishment of a comprehensive evaluation system for the credit status of private enterprises and improve the credit enhancement system for private small and medium-sized enterprises. Support and guide private enterprises to improve their governance structure and management system, strengthen corporate compliance and corruption risk prevention and control. Strengthen supervision during and after the event, and standardize administrative inspections involving private enterprises.”[2]