The law will, for the first time,e codify government policies on promoting the private sector, including the principle that such businesses should be treated equally to state-owned firms, Lou Qinjian, a spokesperson for the NPC said in March.
China's top legislature passed a bill aimed at boosting the private sector, in a symbolic move to rally entrepreneurs and shore up confidence as Beijing hunkers down for a "protracted" trade war with the US.
Lawmakers passed the private sector promotion measure at a Wednesday session of the Standing Committee of the National People's Congress, according to the Xinhua News Agency. The legislation will take effect May 20.
