Lawmakers set to review draft law on China's private sector

The highly anticipated draft law concerning the private economy will be further reviewed by Chinese lawmakers, an official from the Standing Committee of the National People's Congress, China's top legislature, said on Friday.

Huang Haihua, spokesman for the NPC Standing Committee's Legislative Affairs Commission, told a news conference that the draft private sector promotion law will have its third review during the upcoming session of the NPC Standing Committee, which is scheduled to be held in Beijing from Sunday to Wednesday.

"The private economy is an important part of the socialist market economy," he said. "Promoting the continuous, healthy and high-quality development of the private sector is a major policy that the country has long adhered to."

"The formulation and introduction of the law is also a crucial decision made by the central leadership," he added.

Before the upcoming review, the draft has been deliberated by the NPC Standing Committee twice, in December and February, respectively, Huang said.

He noted that most lawmakers have shared their opinions on this legislative item, pointing out that drafting such a law is of great necessity and will leverage the role of the rule of law in ensuring long-term benefits.

"It's suggested that it be further reviewed and promulgated as early as possible," he added.

In addition to the draft, lawmakers will review several other draft laws, including those on national development planning and atomic energy, with consideration of draft revisions to the Prison Law, the Law on the Prevention and Treatment of Infectious Diseases and the Arbitration Law, he said.