Beijing: On Wednesday ( Apr 30 ), the country’s top legislature approved a highly anticipated law to support the private sector amid trade tensions with the US, according to state news agency Xinhua.
Beginning on May 20, the Secret Economy Promotion Law  has provisions governing good competition, financing, and access to investment opportunities.
According to Xinhua, the fresh rules” may further enhance the growth environment for private businesses, maintain fair market competition among all types of financial entities, and encourage the healthy growth of both the personal economy and secret entrepreneurs.”
Fair competitors, funding and financing promotion, technological innovation, , and right protection are included in the 78 articles that make up it’s nine chapters total.
A senior scientist at a Beijing think tank claimed that the law would stop local officials from badly pursuing private companies.
According to Tang Dajie, a senior researcher with the China Enterprise Institute think pond,” the business community has responded clearly to profit-seeking law enforcement and soldiers going beyond their control to collect charges or acquire property.”
The law will promote tight, standardized, good, and civilized law enforcement while limiting the public security department’s authority to the law enforcement field.