BEIJING: As the rule of law is vital for ensuring investors’ confidence in the private sector, experts have called for the strengthening of legislation and improved judicial services to reassure businesses wanting to invest in China.
This sentiment was included as a major task in China’s latest reform resolution, which was adopted in July at the third plenary session of the 20th Central Committee of the Communist Party of China. The resolution is aimed at further comprehensively deepening reform to advance Chinese modernization, and provides guiding principles in various fields for the next five years.
It clarifies that China will ensure that economic entities under all forms of ownership have equal access to factors of production in accordance with the law, compete in the market on an equal footing and are protected by the law as equals, enabling them to complement each other and develop side by side.
The resolution also requires the continued implementation of policies that help foster a favorable environment and create more opportunities for the development of the nonpublic sector, with the formulation of a private sector promotion law. “The social significance of enacting a specialized law to promote the private sector cannot be underestimated,” said Miao Yinzhi, a law professor at Nanjing University in Jiangsu province, in an article published in Beijing News last month. –The Daily Mail-China Daily news exchange item
