The draft of China's first law specifically focusing on private sector development has been submitted to the ongoing session of the Standing Committee of the National People's Congress, the country's top legislature, for deliberation on Saturday.

The draft law, upon approval, will elevate crucial measures for promoting private sector growth into legal norms, holding significant implications for optimizing the business environment, accelerating the establishment of a new development paradigm, and driving high-quality development, the lawmakers said.

Comprising nine chapters and 78 articles, the draft covers eight main aspects including fair competition, investment and financing environment, scientific and technological innovation, regulatory guidance, service support, rights and interests protection, and legal responsibilities.

During the Central Economic Work Conference held earlier this month, the issuance of the private economy promotion law was mentioned as a key task for 2025.

In February, the Ministry of Justice, the National Development and Reform Commission, and the Legislative Affairs Commission of the Standing Committee of the NPC jointly organized a legislative seminar on the law, gathering opinions and suggestions from representatives of private enterprises and experts, marking the official commencement of the drafting process.