China's private sector has long been the engine of innovation and employment, driving nearly 60% of the nation's GDP. Despite its critical role, entrepreneurs have faced systemic barriers—unequal access to financing, market restrictions, and policy hurdles. Now, a landmark new law aims to change that.
The Private Economy Promotion Law, taking effect on May 20th 2025, is China's first comprehensive legislation to empower private businesses, ensuring fair competition, stronger protections, and a level playing field. From veteran entrepreneurs who weathered decades of market shifts to startups battling skepticism, this legal framework is expected to unlock their full potential.
CGTN reporter Zhang Wan talks to business owners, legal experts, and policymakers on how this law could reshape China's economic landscape—and the challenges that remain.