BEIJING -- China's newly adopted private sector promotion law underscores the country's commitment to fostering an equitable competitive environment for all market participants, according to an official of the country's top economic planner.

Speaking on the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, Liu Min, deputy head of the National Development and Reform Commission's private economy development bureau, emphasized that the aim of the law, which was approved on Wednesday, is to enable economic entities with diverse ownership structures to compete on a level playing field.

The legislation reinforces China's adherence to the principles of equality, fair competition, equal protection and shared development to bolster the private sector's growth, Liu noted.

The commission will collaborate with other government bodies to implement the latest version of the national market access negative list, which has been streamlined from 117 to 106 items.

"The shorter the list, the more vibrant the market," Liu said when highlighting the connection between regulation and market dynamism.

China will also intensify efforts to eliminate market access barriers and enhance support for private enterprises, including support in the areas of finance, talent and technology, the official added.