Economist urges China to push further to elevate private sector as draft law disappoints

The private sector in China is seeking an elevated legal status under the new private economy promotion law, with economist Teng Tai emphasizing the need for reassurance of Beijing’s long-term support. The draft law, compiled to boost private sector confidence, includes measures to promote fair competition, improve investment environments, encourage innovation, and ensure companies follow the correct political direction. Despite being a milestone event, Teng believes the draft is insufficient and should highlight the private sector’s vital contribution to tax revenues and job creation.

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