China has begun drafting an ambitious law to promote the development of the private sector economy, as the latest step promoted by Beijing's leadership to boost confidence and stimulate innovation.
The law, after a few years of harsh regulatory and antitrust crackdown on non-state companies, will focus on the "main concerns" of operators in the sector, including the protection of property rights, the guarantee of entrepreneurs' interests and the management of non-payments for small and medium-sized enterprises, according to what the state broadcaster CCTV reported, which reported on a meeting promoted by the Ministry of Justice, the National Development and Reform Commission (NDRC, the country's highest economic planning agency), and the Commission for the legislative affairs of the national parliament.
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