Zheng Bei, Deputy Director of the National Development and Reform Commission (NDRC): This year, high-quality projects with a total investment scale of approximately 3 trillion yuan will also be launched.

The State Council Information Office held a press conference at 10 a.m. today, inviting Wang Zhenjiang, Vice Minister of the Ministry of Justice, and leaders from the Legislative Affairs Commission of the Standing Committee of the National People's Congress, the National Development and Reform Commission (NDRC), the National Financial Regulatory Administration, and the All-China Federation of Industry and Commerce to introduce the relevant situation of the Law of the People's Republic of China on Promoting the Private Economy and answer questions from journalists.

Wang Zhenjiang, Vice Minister of the Ministry of Justice:

The Law on Promoting the Private Economy Sets Multiple "Firsts"

At the press conference held by the State Council Information Office, Wang Zhenjiang, Vice Minister of the Ministry of Justice, stated that the Law on Promoting the Private Economy has set multiple "firsts", such as being the first time to incorporate the principle of "unwaveringly consolidating and developing the public sector while encouraging, supporting, and guiding the development of the non-public sector" into law, and the first time to stipulate in law that promoting the sustained, healthy, and high-quality development of the private economy is a major policy that the country will adhere to in the long term. Wang Zhenjiang said that this fully demonstrates the firm determination of the CPC Central Committee to promote the development and growth of the private economy, further clarifies to society that developing the private economy is a consistent policy of the Party and the state that will be adhered to in the long term, and will surely further stimulate the endogenous driving force and creative vitality of the private economy, boost the development confidence of operators in the private economy, inspire their entrepreneurial enthusiasm and pioneering spirit, cultivate a deep sense of patriotism and national pride, and strengthen their resolve to be builders of the cause of socialism with Chinese characteristics and promoters of Chinese-style modernization.

Fair competition, standardized business operation service guarantees, rights and interests protection, etc., are prominent issues that all parties believe the private economy faces in its development.

Wang Zhenjiang stated that promoting the development of the private economy involves a wide range of areas. To determine which issues need to be addressed in the current legislation, which measures need to be incorporated into the law, and which need to be stipulated in the supporting regulations in the next step, it is necessary to extensively listen to opinions from all sides and gather wisdom from various quarters. Wang Zhenjiang introduced that during the drafting and formulation process of the Law on Promoting the Private Economy, the working group has consistently adhered to the principle of open legislation and drawing on collective wisdom. After repeated discussions, they ultimately focused on issues such as fair competition, investment and financing, promoting scientific and technological innovation, standardized business operation service guarantees, and rights and interests protection, which are also widely recognized as prominent issues facing the development of the private economy.

A foundational law is not necessarily the better the more detailed it is. The Law on Promoting the Private Economy leaves room for future practical development.

Wang Zhenjiang stated that many articles in the Law on Promoting the Private Economy are highly targeted. For example, the clauses on addressing "back-to-back" practices and regulating administrative law enforcement are concise but carry significant weight. Of course, as a foundational law, it is not necessarily the better the more detailed its provisions are. Objective practical developments change rapidly, and overly detailed regulations may sometimes hinder the development of practice. Wang Zhenjiang said that during the legislative process of the Law on Promoting the Private Economy, the principle of balancing the present and the future has been consistently adhered to, leaving room for future practical development.For example, the law stipulates that relevant departments under the State Council shall coordinate the research and formulation of policies and measures to promote private economic investment, and that people's governments at all levels and their relevant departments shall establish government-enterprise communication mechanisms. This not only clarifies the establishment of systems but also leaves room for the next step of introducing supporting measures and refining implementation initiatives in line with actual conditions.

The Ministry of Justice will continue to standardize administrative law enforcement practices and establish enterprise contact points for administrative law enforcement supervision.

Wang Zhenjiang stated that in response to the widespread complaints about various law enforcement irregularities in some localities and departments, such as arbitrary fees, fines, inspections, and seizures, as well as illegal cross-regional law enforcement and profit-driven law enforcement, the Law on Promoting the Private Economy has made clear provisions. Wang Zhenjiang stated that in the next step, the Ministry of Justice will implement the relevant requirements of the Law on Promoting the Private Economy and continue to standardize administrative law enforcement practices. It will accelerate the construction of legal supporting systems and mechanisms, promote the establishment of a complaint and reporting handling mechanism for administrative law enforcement violations, promptly accept and handle complaints and reports related to administrative law enforcement involving enterprises in accordance with the law. The judicial administrative organs will establish enterprise contact points for administrative law enforcement supervision, promptly listen to the opinions and suggestions of various business entities on administrative law enforcement involving enterprises, and implement a system of administrative law enforcement supervisors.

The Ministry of Justice will urge all regions and departments to increase their efforts in investigating and punishing administrative law enforcement violations.

Wang Zhenjiang stated that as the administrative law enforcement supervision agency of the State Council, the Ministry of Justice is responsible for coordinating and organizing special nationwide actions to standardize administrative law enforcement involving enterprises. Local judicial administrative organs at all levels, as the administrative law enforcement supervision agencies of their respective governments, are responsible for organizing and implementing special actions in their respective regions. The Ministry of Justice will take the opportunity of the promulgation and implementation of the Law on Promoting the Private Economy to urge all regions and departments to increase their efforts in investigating and punishing administrative law enforcement violations and strengthen the investigation, rectification, and correction of problems.

Resolutely curb profit-driven law enforcement and effectively protect the legitimate rights and interests of private economic organizations and their operators in accordance with the law.

Wang Zhenjiang stated that in the next step, efforts will be made to promote the establishment of a complaint and reporting handling mechanism for administrative law enforcement violations, promptly accept and handle complaints and reports related to administrative law enforcement involving enterprises in accordance with the law. Judicial administrative organs will establish enterprise contact points for administrative law enforcement supervision and promptly listen to the opinions and suggestions of various business entities on administrative law enforcement involving enterprises. A system of administrative law enforcement supervisors will be implemented, inviting deputies to the National People's Congress, members of the Chinese People's Political Consultative Conference, people's supervisors, experts and scholars, lawyers, journalists, and others to participate in supervision. Resolutely curb profit-driven law enforcement and effectively protect the legitimate rights and interests of private economic organizations and their operators in accordance with the law.

Urge all regions and departments to increase their efforts in investigating and punishing administrative law enforcement violations and strengthen the investigation, rectification, and correction of problems.

Wang Zhenjiang stated that in the next step, the Ministry of Justice will take the lead in carrying out special actions to standardize administrative law enforcement involving enterprises.The Central Economic Work Conference last year proposed launching a special campaign to standardize law enforcement involving enterprises. On April 25 this year, the meeting of the Political Bureau of the CPC Central Committee once again emphasized the need to solidly carry out this special campaign. The Ministry of Justice, as the administrative law enforcement supervision authority under the State Council, is responsible for coordinating and organizing the nationwide special campaign to standardize administrative law enforcement involving enterprises. Local judicial administrative organs at all levels, as the administrative law enforcement supervision authorities of their respective governments, are responsible for organizing and implementing the special campaign in their respective regions. The Ministry of Justice will resolutely implement the decisions and arrangements of the CPC Central Committee and the State Council. Taking the opportunity of the introduction and implementation of the law on promoting the private economy, it will urge all regions and departments to intensify efforts to investigate and handle illegal administrative law enforcement activities, strengthen the identification, rectification, and correction of problems, and resolutely ensure that they are thoroughly addressed. At the same time, it will conduct spot checks on key regions, areas, and issues, conduct periodic assessments, analyses, and evaluations of the rectification results, and, when necessary, escalate the handling of issues that have drawn strong reactions from enterprises and the public, and supervise the rectification of those that have not made sufficient progress. It will promptly promote and share good practices and experiences formed during the work, and, depending on the situation, conduct interviews, issue circulars, and expose those that have not performed well in the rectification work.

Accelerate the Research and Formulation of Regulations on Administrative Law Enforcement Supervision to Establish and Improve a Long-Term Mechanism for Supervising Administrative Law Enforcement Involving Enterprises

Wang Zhenjiang stated that the next step is to accelerate the research and formulation of regulations on administrative law enforcement supervision and establish and improve a long-term mechanism for supervising administrative law enforcement involving enterprises. The Ministry of Justice will take the implementation of the requirements of the law on promoting the private economy as a starting point and focus on establishing and improving a long-term mechanism for supervising administrative law enforcement involving enterprises. It will expedite the research and drafting of regulations on administrative law enforcement supervision. In response to common issues in administrative law enforcement, it will further improve the institutional mechanisms, supervisory procedures, and accountability systems for administrative law enforcement supervision, providing solid legal guarantees and institutional support for strengthening administrative law enforcement supervision, standardizing administrative law enforcement behaviors, and protecting the legitimate rights and interests of various business entities, including private economic organizations, in accordance with the law.

Wang Ruihe, Deputy Director of the Legislative Affairs Commission of the Standing Committee of the National People's Congress (NPC):

Legislation Demonstrates that the Basic Policies and Guidelines for the Development of the Private Economy Will Not and Cannot Change

Wang Ruihe, Deputy Director of the Legislative Affairs Commission of the Standing Committee of the NPC, stated at a press conference held by the State Council Information Office that the formulation of the law on promoting the private economy fully demonstrates that the basic policies and guidelines of the Party and the state for the development of the private economy will not and cannot change. It will undoubtedly contribute to a more complete legal system and a more robust and effective guarantee system to support the high-quality development of the private economy.

Zheng Bei, Deputy Director of the National Development and Reform Commission (NDRC):

Enhancing Development Certainty through the Stability of the Rule of Law Serves as a Reassurance for Private Enterprises to Focus on Development

Zheng Bei, Deputy Director of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the law on promoting the private economy enhances development certainty through the stability of the rule of law, serving as a reassurance for private enterprises to focus on development.Meanwhile, the Private Economy Promotion Law actively responds to the concerns of private enterprises and makes institutional arrangements. For instance, in terms of fair participation in market competition, the law stipulates that the state implements a unified national negative list system for market access. In terms of equal access to production factors, the law stipulates that the state ensures that private economic organizations have equal access to funds, technology, human resources, data, land, and other factors, as well as public service resources, in accordance with the law, treating all equally.

The long-term mechanism for private enterprises to participate in major national projects is being improved, and this year, high-quality projects with a total investment scale of approximately 3 trillion yuan will be launched.

Zheng Bei stated that the Private Economy Promotion Law embodies the principles of equal treatment, fair competition, equal protection, and common development throughout its text. The National Development and Reform Commission (NDRC) will focus on promoting its implementation by breaking down barriers, expanding opportunities, and optimizing services. Among these, in terms of expanding opportunities, the NDRC supports private enterprises in actively participating in the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," and is accelerating the improvement of the long-term mechanism for private enterprises to participate in major national projects. The NDRC has launched a batch of major projects in fields such as nuclear power and railways. Currently, the shareholding ratio of private capital in some nuclear power projects has reached 20%. In the fields of industrial equipment renewal and recycling, the capital contribution of some private enterprises exceeds 80%. Zheng Bei disclosed that this year, high-quality projects with a total investment scale of approximately 3 trillion yuan will also be launched in key areas such as transportation, energy, water conservancy, new-type infrastructure, and urban infrastructure.

From January to April this year, the bid-winning rate of private enterprises increased by 5 percentage points YoY.

Zheng Bei stated that the Private Economy Promotion Law embodies the principles of equal treatment, fair competition, equal protection, and common development throughout its text. The NDRC will focus on promoting its implementation by breaking down barriers, expanding opportunities, and optimizing services. Among these, in terms of breaking down barriers, the NDRC, in conjunction with relevant departments, recently issued a new version of the negative list for market access. Simultaneously, it has launched a campaign to clean up and rectify market access barriers, actively promoting fair participation of private enterprises in tenders and bids. Zheng Bei stated that from January to April this year, the bid-winning rate of private enterprises increased by 5 percentage points compared to the same period last year. For projects with an investment of less than 100 million yuan, the number of awarded projects by private enterprises accounted for over 80%. Going forward, if private enterprises encounter market access barriers, they can log in to the relevant column on "Building a Unified National Market" on the NDRC's official website to report the issue. The NDRC will work with relevant parties to conduct thorough and timely investigations and handle the issues.

A batch of supporting systems for the Private Economy Promotion Law are being accelerated in implementation.

Zheng Bei stated that during the legislative process of the Private Economy Promotion Law, the NDRC, in conjunction with relevant departments, planned ahead and simultaneously carried out the establishment, revision, abolition, and interpretation of relevant systems. A batch of supporting systems has already been introduced.She stated that a batch of supporting systems is being accelerated for implementation. Meanwhile, many localities are actively improving relevant supporting measures in areas such as promoting technological innovation, service guarantees, and rights protection, based on local realities.

Cong Lin, Deputy Director of the Financial Regulatory Authority:

74 Private Equity Funds Established to Support Investment in Technology Innovation Enterprises

Cong Lin, Deputy Director of the Financial Regulatory Authority, stated at a press conference of the State Council Information Office that the focus of financial services for key areas and critical links of private enterprises is on "one industry, one policy," providing targeted financial services based on industry characteristics. Cong mentioned that in the fields of high-tech and emerging industries where private enterprises have performed remarkably in recent years, the Financial Regulatory Authority has been improving the financial service model for technology, primarily by promoting the integration of investment and financing, conducting pilot projects for equity investment by financial asset investment companies, and supporting investment in technology innovation enterprises. Currently, 74 private equity funds have been established, and technology enterprise merger and acquisition loans have been implemented in 18 pilot cities to support the smooth capital circulation of technology enterprises.

Average Annual Growth Rate of Private Enterprise Loans Over the Past 5 Years Exceeds Overall Loan Growth by 1 Percentage Point

Cong stated that the loan issuance to private enterprises by banking financial institutions has been steadily increasing. Over the past five years, the average annual growth rate of private enterprise loans has been 1 percentage point higher than that of overall loans. By the end of Q1 this year, the balance of private enterprise loans reached 7.607 trillion yuan, up 7.41% YoY; the balance of inclusive small and micro enterprise loans reached 3.53 trillion yuan, up 12.5% YoY.

12.6 Trillion Yuan in New Loans Issued to Small and Micro Entities Through the Financing Coordination Mechanism

Cong stated that the Financial Regulatory Authority has collaborated to create an information sharing mechanism. Offline, the Financial Regulatory Authority, together with the National Development and Reform Commission (NDRC), established a financing coordination mechanism to support small and micro enterprises, promoting the direct and rapid delivery of credit funds to the grassroots with appropriate interest rates. Through this mechanism, 12.6 trillion yuan in new loans has been issued to small and micro entities, with an average interest rate of 3.66%. Online, the authority has promoted the establishment of credit information sharing and comprehensive financial service platforms in multiple regions, allowing data to do the running while reducing the burden on enterprises and banks, using data information to support banks in issuing credit loans. By the end of Q1, the balance of credit loans to private enterprises reached 1.81 trillion yuan, up 15.4% YoY.

Fang Guanghua, Vice Chairman of the All-China Federation of Industry and Commerce:

Will Cooperate with Functional Departments to Issue Supporting Policies to Continuously Empower Private Enterprise Production Activities

Fang Guanghua, Vice Chairman of the All-China Federation of Industry and Commerce, stated at a press conference of the State Council Information Office that the Federation will cooperate with functional departments to issue supporting policies and ensure the implementation of legal provisions.Meanwhile, efforts will be made to foster a cordial and clean government-business relationship, enhance service standards, and continuously empower the production activities of private enterprises. Fang Guanghua stated that the All-China Federation of Industry and Commerce should also actively participate in political consultation and democratic supervision. In particular, it should optimize the work of private enterprises in evaluating the business environment, promptly collect and reflect new situations and problems encountered by private enterprises during the implementation of laws, and urge law enforcement departments to optimize relevant policies and measures.